<PAGE>
Registration No. 2-98l40
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
Post-Effective Amendment No. 15
to
FORM S-6
FOR REGISTRATION UNDER THE SECURITIES ACT OF 1933
OF SECURITIES OF UNIT INVESTMENT TRUSTS
REGISTERED ON FORM N-8B-2
A. Exact name of trust: Separate Account One
B. Name of depositor: Hartford Life Insurance Company
C. Complete address of depositor's principal executive offices:
P. O. Box 2999
Hartford, CT 06104-2999
D. Name and address of agent for service:
Rodney J. Vessels, Esquire
Hartford Life Companies
P. O. Box 2999
Hartford, CT 06104-2999
It is proposed that this filing will become effective:
immediately upon filing pursuant to paragraph (b) of Rule 485
----
X on (May 1, 1995) pursuant to paragraph (b)(1)(v) of Rule 485
----
60 days after filing pursuant to paragraph (a)(1) of rule 485
----
on May 1, 1995 pursuant to paragraph (a)(1) of Rule 485
----
75 days after filing pursuant to paragraph (a)(2) of Rule 485
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on_______________ pursuant to paragraph (a)(2) of rule 485
----
E. Title and amount of securities being registered:
An indefinite amount of Flexible Premium Variable Life Insurance
Contracts was previously registered pursuant to Rule 24f-2 under the
Investment Company Act of 1940.
The Rule 24f-2 Notice for the Registrant's most recent fiscal year will
be filed on or about February 28, 1995.
F. Proposed maximum aggregate offering price to the public of the
securities being registered: Not yet determined.
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H. Approximate date of proposed public offering:
As soon as practicable after the effective date of this registration
statement. The registrant hereby represents that it is relying on
Section (13)(i)(B) of Rule 6e-3(T).
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RECONCILIATION AND TIE BETWEEN
FORM N-8B-2 AND PROSPECTUS
Item No. of
FORM N-8B-2 CAPTION IN PROSPECTUS
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1. Cover page
2. Cover page
3. Not applicable
4. The Company; Distribution of the Contracts
5. Summary - Separate Account One; Separate
Account One - General
6. Separate Account One - General
7. Not required by Form S-6
8. Not required by Form S-6
9. Legal Proceedings
10. Summary; Separate Account One - Funds; The
Contract - Application for a Contract; Contract
Benefits and Rights; Other Matters - Voting
Rights, Dividends
11. Summary; Separate Account One - Funds
12. Summary; Separate Account One - Funds
13. Contract Deductions and Charges; Distribution
of the Contracts; Federal Tax Considerations
14. The Contract - Application for a Contract
15. The Contract - Allocation of Premium
Payments
16. Separate Account One - Funds; The Contract -
Allocation of Premium Payments
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Item No. of
FORM N-8B-2 CAPTION IN PROSPECTUS
- ----------- ---------------------
17. Summary; Contract Benefits and Rights - Cash
Value and Amount Payable on Surrender of the
Contract, Cancellation and Exchange Rights
18. Separate Account One - Funds; Contract
Deduction and Charges; Federal Tax
Considerations
19. Other Matters - Statements to Contract Owners
20. Not applicable
21. Contract Benefits and Rights - Contract Loans
22. Not applicable
23. Safekeeping of Separate Account Assets
24. Other Matters - Assignment
25. The Company
26. Not applicable
27. The Company
28. The Company; Management
29. The Company
30. Not applicable
31. Not applicable
32. Not applicable
33. Not applicable
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Item No. of
FORM N-8B-2 CAPTION IN PROSPECTUS
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34. Not applicable
35. Distribution of the Contracts
36. Not required by Form S-6
37. Not applicable
38. Distribution of the Contracts
39. The Company; Distribution of the Contracts
40. Not applicable
41. The Company; Distribution of the Contracts
42. Not applicable
43. Not applicable
44. The Contract - Allocation of Premium Payments
45. Not applicable
46. Contract Benefits and Rights - Cash Value
47. Separate Account One - Funds
48. Cover page; The Company
49. Not applicable
50. Separate Account One - General
51. Summary; The Company; The Contract; Contract
Benefits and Rights; Other Matters -
Beneficiary
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Item No. of
FORM N-8B-2 CAPTION IN PROSPECTUS
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52. Separate Account One - Funds, Investment
Adviser
53. Federal Tax Considerations
54. Not applicable
55. Not applicable
56. Not required by Form S-6
57. Not required by Form S-6
58. Not required by Form S-6
59. Not required by Form S-6
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HARTFORD LIFE INSURANCE COMPANY The Hartford's BUILDER
P. O. BOX 2999
Flexible Premium
HARTFORD, CT 06104-2999 Variable Life Insurance Contracts
TELEPHONE (800) 843-5433
This Prospectus describes The Hartford's Builder, flexible premium variable life
insurance contracts (the "Contracts", and each individually a "Contract")
offered by Hartford Life Insurance Company ("Hartford Life") to applicants age
75 and under. Applicants age 76 to 80 may apply for a Contract with the prior
approval of Hartford Life. The Contracts are no longer being issued by
Hartford Life.
A Contract Owner may choose the amount of initial premium desired and, within
limits, the initial death benefit. Generally, the minimum initial premium
Hartford Life will accept is $10,000. Hartford Life may accept less than
$10,000 under certain circumstances. The initial premium will be allocated to
Hartford Money Market Fund, Inc., and after the Right to Cancel Period has
expired, to one or more of the funds as specified in the Contract Owner's
application. The funds presently are: Hartford Advisers Fund, Inc.; Hartford
Aggressive Growth Fund, Inc.; Hartford Bond Fund, Inc.; Hartford Index Fund,
Inc., Hartford International Opportunities Fund, Inc., HVA Money Market Fund,
Inc.; Hartford Mortgage Securities Fund, Inc., and Hartford Stock Fund, Inc.
There is no guaranteed minimum cash value for a Contract. The cash value of a
Contract will vary up or down to reflect the investment experience of the Funds
to which the premium payment(s) has been allocated and the Contract Owner bears
the investment risk for all amounts so allocated. The Contract will remain in
effect so long as the cash value less any contingent deferred sales charges and
premium tax charges and less any outstanding loan(s) is sufficient to pay
certain monthly charges imposed in connection with the Contract.
The Contracts provide for an initial death benefit (the "Initial Death Benefit")
which is the minimum death benefit under the Contract. The death benefit (the
"Death Benefit") may be greater than the Initial Death Benefit. The cash value
will and, under certain circumstances the Death Benefit of the Contract may,
increase or decrease depending on the investment experience of the Funds to
which the premium payment(s) has been allocated. However, as long as the
Contract is in force, the Death Benefit will never be less than the Initial
Death Benefit. At the death of the Insured, we will pay the death proceeds (the
"Death Proceeds") to the Beneficiary. The Death Proceeds equal the Death
Benefit less any indebtedness under the Contract.
IT MAY NOT BE ADVANTAGEOUS TO PURCHASE FLEXIBLE PREMIUM VARIABLE LIFE INSURANCE
AS A REPLACEMENT FOR YOUR CURRENT LIFE INSURANCE OR IF YOU ALREADY OWN A
FLEXIBLE PREMIUM VARIABLE LIFE INSURANCE CONTRACT.
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THIS PROSPECTUS IS VALID ONLY IF ACCOMPANIED BY THE CURRENT PROSPECTUSES OF THE
APPLICABLE ELIGIBLE FUNDS WHICH CONTAIN A FULL DESCRIPTION OF THOSE FUNDS. ALL
PROSPECTUSES SHOULD BE READ AND RETAINED FOR FUTURE REFERENCE.
THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND
EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION NOR HAS THE SECURITIES
AND EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION PASSED UPON THE
ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS
A CRIMINAL OFFENSE.
The date of this Prospectus is May 1, 1995.
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TABLE OF CONTENTS
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PAGE
SUMMARY. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
THE COMPANY. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
SEPARATE ACCOUNT ONE . . . . . . . . . . . . . . . . . . . . . . . . .
General . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Investment Adviser. . . . . . . . . . . . . . . . . . . . . . . . .
THE CONTRACT . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Application for a Contract. . . . . . . . . . . . . . . . . . . .
Allocation of Premium Payments. . . . . . . . . . . . . . . . . .
Accumulation Unit Values . . . . . . . . . . . . . . . . . . . .
DEDUCTIONS AND CHARGES . . . . . . . . . . . . . . . . . . . . . . .
Monthly Deductions. . . . . . . . . . . . . . . . . . . . . . . .
State Premium Tax Charge. . . . . . . . . . . . . . . . . . . . . .
Charges Against the Separate Account. . . . . . . . . . . . . . . .
Charges Against the Funds . . . . . . . . . . . . . . . . . . . .
Contingent Deferred Sales Charge. . . . . . . . . . . . . . . . . .
CONTRACT BENEFITS AND RIGHTS . . . . . . . . . . . . . . . . . . . . .
Death Benefit . . . . . . . . . . . . . . . . . . . . . . . . . . .
Guaranteed Death Benefit. . . . . . . . . . . . . . . . . . . . . .
Cash Value . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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TABLE OF CONTENTS
PAGE
Transfer of Cash Value. . . . . . . . . . . . . . . . . . .
Contract Loans. . . . . . . . . . . . . . . . . . . . . . .
Amount Payable on Surrender of the Contract . . . . . . . .
Benefits at Maturity. . . . . . . . . . . . . . . . . . . .
Lapse and Reinstatement. . . . . . . . . . . . . . . . . . . .
Cancellation and Exchange Rights . . . . . . . . . . . . . . .
Suspension of Valuation, Payments and Transfers. . . . . . . .
Special Provisions . . . . . . . . . . . . . . . . . . . . . .
OTHER MATTERS. . . . . . . . . . . . . . . . . . . . . . . . .
Voting Rights . . . . . . . . . . . . . . . . . . . . . . .
Statements to Contract Owners . . . . . . . . . . . . . . .
Limit on Right to Contest . . . . . . . . . . . . . . . . .
Misstatement as to Age. . . . . . . . . . . . . . . . . . .
Payment Options . . . . . . . . . . . . . . . . . . . . . .
Beneficiary . . . . . . . . . . . . . . . . . . . . . . . .
Assignment. . . . . . . . . . . . . . . . . . . . . . . . .
Dividends . . . . . . . . . . . . . . . . . . . . . . . . .
EXECUTIVE OFFICERS AND DIRECTORS . . . . . . . . . . . . . . .
DISTRIBUTION OF THE CONTRACTS. . . . . . . . . . . . . . . . .
SAFEKEEPING OF THE SEPARATE ACCOUNT'S ASSETS . . . . . . . . .
<PAGE>
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TABLE OF CONTENTS
PAGE
FEDERAL TAX CONSIDERATIONS . . . . . . . . . . . . . . .
General . . . . . . . . . . . . . . . . . . . . . . .
Taxation of Hartford Life and Separate Account One. .
Taxation of Contract Benefits . . . . . . . . . . . .
Proposed Federal Tax Legislation. . . . . . . . . . .
Diversification Requirements. . . . . . . . . . . . .
LEGAL PROCEEDINGS. . . . . . . . . . . . . . . . . . . .
LEGAL MATTERS . . . . . . . . . . . . . . . . . . . . .
EXPERTS. . . . . . . . . . . . . . . . . . . . . . . . .
REGISTRATION STATEMENT . . . . . . . . . . . . . . . . .
APPENDIX A . . . . . . . . . . . . . . . . . . . . . . .
The Contracts may not be available in all states.
THIS PROSPECTUS DOES NOT CONSTITUTE AN OFFERING IN ANY JURISDICTION IN WHICH
SUCH OFFERING MAY NOT BE LAWFULLY MADE. NO DEALER, SALESMAN, OR OTHER PERSON IS
AUTHORIZED TO GIVE ANY INFORMATION OR MAKE ANY REPRESENTATIONS IN CONNECTION
WITH THIS OFFERING OTHER THAN THOSE CONTAINED IN THIS PROSPECTUS AND, IF GIVEN
OR MADE, SUCH OTHER INFORMATION OR REPRESENTATIONS MUST NOT BE RELIED ON.
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SPECIAL TERMS
As used in this Prospectus, the following terms have the indicated meanings:
ACCUMULATION UNIT: An accounting unit of measure used to calculate the value of
a Sub-Account.
CASH VALUE: The current value of Accumulation Units plus the value of the Loan
Accounts under the Contract.
CODE: The Internal Revenue Code of 1986, as amended.
CONTRACT DATE: A date not later than 3 business days after receipt of the
initial premium at The Hartford's Home Office.
CONTRACT OWNER: The person having rights to benefits under the Contract during
the lifetime of the Insured; the Contract Owner may or may not be the Insured.
CONTRACT VALUE: The Cash Value less any applicable contingent deferred sales
charge, all indebtedness and any premium tax charge due and unpaid.
CONTRACT YEARS: Annual periods computed from the Contract Date.
COVERAGE AMOUNT: The amount of Hartford Life Insurance Company's insurance risk
at any time.
DEATH BENEFIT: The greater of (1) the Initial Death Benefit specified in the
Contract or (2) the Cash Value on the date of death multiplied by a stated
percentage as specified in the Contract.
DEATH PROCEEDS: The amount which we will pay on the death of the Insured. This
equals the Death Benefit less any indebtedness.
FUNDS: The registered management investment companies in which assets of the
Separate Account may be invested.
GUIDELINE SINGLE PREMIUM: The "Guideline Single Premium" as defined in Section
7702 of the Internal Revenue Code of 1986 as amended.
INSURED: The person on whose life the Contract is issued.
LOAN ACCOUNTS: Two accounts established for any amounts transferred from the
Sub-Accounts as a result of requested loans. These accounts credit fixed rates
of interest and are not based on the investment experience of the Separate
Account.
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MONTHLY ANNIVERSARY DAY: The day of each month on which all charges are
deducted from the Cash Value of the Contract. Monthly Anniversary Days occur on
the same day of the month as the Contract Date.
SEPARATE ACCOUNT: An account established by Hartford Life Insurance Company to
separate the assets funding the Contracts from other assets of Hartford Life
Insurance Company; in this case, "Separate Account One".
SUB-ACCOUNT: The subdivisions of the Separate Account which are used to
allocate a Contract Owner's Cash Value less indebtedness among the Funds.
VALUATION DAY: Every day the New York Stock Exchange is open for trading. The
value of the Separate Account is determined at the close of the New York Stock
Exchange (currently 4:00 p.m. Eastern Time) on such days.
VALUATION PERIOD: The period between the close of business on successive
Valuation Days.
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SUMMARY
THE CONTRACT
The flexible premium variable life insurance contracts offered by this
Prospectus are funded by Separate Account One, a separate account established by
Hartford Life pursuant to Connecticut insurance law and organized as a unit
investment trust registered under the Investment Company Act of 1940. Separate
Account One is presently comprised of eight sub-accounts (the "Sub-Accounts" and
each individually a "Sub-Account"), each of which invests exclusively in one of
the underlying Funds. If an initial premium is submitted with an application
for a Contract, it will be allocated, within 3 business days of receipt at
Hartford Life's Home Office, to Hartford Money Market Fund, Inc. After the
expiration of the Right to Cancel Period, the values in Hartford Money Market
Fund, Inc. will be allocated to one or more of the Funds as specified in the
Contract Owner's application. The Contracts are credited with units
("Accumulation Units") in each selected Sub-Account, the assets of which are
invested in the applicable Fund. A Contract Owner may transfer the cash values
among the Funds subject to a transfer charge. See "The Contract - Allocation of
Premium Payments", page __ and "Contract Benefits and Rights - Cancellation and
Exchange Rights", page __.
The Contracts are first and foremost life insurance contracts with death
benefits, cash values, and other features traditionally associated with life
insurance. The Contracts are called "variable" because, unlike the fixed
benefits of an ordinary whole life insurance contract, the cash value will, and
under certain circumstances the Death Benefit of the Contract may, increase or
decrease depending on the investment experience of the Funds to which the
premium payment(s) has been allocated. However, as long as the contract remains
in force, the Death Benefit will never be less than the Initial Death Benefit.
See "Contract Benefits and Rights -- Death Benefit", page __ .
SEPARATE ACCOUNT
Separate Account One is a separate account established by Hartford Life pursuant
to the insurance laws of the State of Connecticut and organized as a registered
unit investment trust under the Investment Company Act of 1940. Separate
Account One is presently comprised of eight Sub-Accounts, each of which invests
exclusively in one of the Funds. Each Fund is organized as a corporation under
the laws of the State of Maryland and is a diversified open-end management
investment company registered under the Investment Company Act of 1940. Such
registration does not involve supervision of the management or investment
practices or policies by the Commission. The shares of the Funds are sold to
Separate Account One and to other separate accounts of Hartford Life or its
affiliates which fund similar insurance or annuity products.
Currently, the Funds are Hartford Advisers Fund, Inc., Hartford Aggressive
Growth Fund, Inc., Hartford Bond Fund, Inc., Hartford Index Fund, Inc., and
Hartford International Opportunities Fund, Inc., HVA Money Market Fund, Inc.,
Hartford Mortgage Securities Fund, Inc., and Hartford Stock Fund, Inc.,
Applicants should read the Prospectuses for each of the Funds accompanying this
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Prospectus in connection with the purchase of a Contract. The investment
objectives of each of the Funds are as set forth in "Separate Account One,"
page __.
The investment adviser for all the Funds is The Hartford Investment Management
Company, Inc., a wholly-owned subsidiary of Hartford Life Insurance Company.
The Hartford Investment Management Company, Inc. retains a sub-investment
adviser with respect to some of the Funds. See "Separate Account One,"
page __ .
PREMIUM
Normally, a large initial premium payment will be made under these Contracts.
Generally, there is a minimum premium requirement of $10,000. Hartford Life may
allow initial premiums below $10,000 under certain circumstances. Hartford Life
requires that the Contract Owner choose a minimum initial premium payment of 80,
90 or 100% of the Guideline Single Premium (based on the Initial Death Benefit).
Hartford Life may require up to 100% of the Guideline Single Premium for an
applicant to be eligible for modified guaranteed or simplified underwriting,
which generally involves fewer underwriting requirements and does not entail a
medical examination. Additional premium payments may be made if such additional
payments comply with the tax qualification guidelines for life insurance under
the Internal Revenue Code of 1986, as amended. Hartford Life may require
evidence of insurability for any additional premium payments which increase the
Coverage Amount.
The payment of additional premium (or repayment of loans) will be permissible if
there is inadequate Contract Value to meet the monthly Deduction Amount which is
described below in "Deductions and Charges," page __ .
No premium payment will be accepted which does not meet the tax qualification
guidelines for life insurance under the Internal Revenue Code of 1986, as
amended.
DEDUCTIONS AND CHARGES
Hartford Life will deduct a cost of insurance charge on the Contract Date and on
each Monthly Anniversary Day a Deduction Amount. These deductions will be made
on a pro rata basis from each of the Sub-Accounts attributable to the Contract.
In addition, Hartford Life will deduct charges for state premium taxes pro rata
from the Sub-Accounts on the thirteenth Monthly Anniversary Day following
receipt of premium, or if earlier, upon surrender of the Contract. The
Deduction Amount will vary from month to month and includes cost of insurance
charges and administrative charges incurred in connection with a Contract. If
the Contract Value is not sufficient to cover a Deduction Amount due on any
Monthly Anniversary Day, the Contract may lapse. See "Deductions and Charges -
Monthly Deductions", page __ and "Contract Benefits and Rights - Lapse and
Reinstatement," page __ .
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In addition to the foregoing, Hartford Life will assess a charge against the
assets of Separate Account One, calculated as a percentage of such assets, to
cover Hartford Life's assumption of mortality and expense risks. Such charges
will be made pro rata from the Sub-Accounts. Hartford Life may also set up a
provision for income taxes against the assets of Separate Account One. See
"Deductions and Charges - Charges Against The Separate Account", page __ and
"Federal Tax Considerations," page __ .
Applicants should review the prospectuses for the Funds which accompany this
Prospectus for a description of the charges assessed against the assets of each
of the Funds.
DEATH BENEFIT
The Contracts provide for an Initial Death Benefit which is the minimum Death
Benefit under the Contract. There is no provision for applied for increases in
the Death Benefit. The Death Benefit may be greater than the Initial Death
Benefit. At the death of the Insured, we will pay the Death Proceeds to the
Beneficiary. The Death Proceeds equal the Death Benefit less any indebtedness
under the Contract. See "Contract Benefits and Rights - Death Benefit,"
page __.
CASH VALUE
As with many other types of insurance contracts, each Contract will have a cash
value ("Cash Value"). The Cash Value of the Contract will increase or decrease
to reflect the investment experience of the Funds applicable to the Contract and
deductions for the monthly Deduction Amount. There is no minimum guaranteed
Cash Value and the Contract Owner bears the risk of the investment in the Funds.
See "Contract Benefits and Rights - Cash Value," page __.
CONTRACT LOANS
A Contract Owner may obtain one or both of two types of cash loans from Hartford
Life. Both types of loans are secured by the Contract. At the time a loan is
requested, the aggregate amount of all loans (including the currently applied
for loan) may not exceed 90% of the Cash Value less any contingent deferred
sales charge and less any unpaid premium tax charge. See "Contract Benefits and
Rights - Contract Loans," page .
LAPSE
Under certain circumstances a Contract may terminate if the Contract Value on
any Monthly Anniversary Day is less than the required Monthly Deduction Amount.
On Contracts issued after February 1, 1987 and for an initial Premium Payment
equal to 100% of the Guideline Single Premium, a termination may occur only if
the total indebtedness equals or exceeds the Cash Value less any deferred
expense and premium tax charges. In either event, Hartford Life will give
written notice to the Contract Owner and a 61 day grace period during which
additional amounts may be paid to continue the Contract.
<PAGE>
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See "Contract Benefits and Rights - Contract Loans," page ____ and "Lapse and
Reinstatement," page ___ .
CANCELLATION AND EXCHANGE RIGHTS
An applicant has a limited right to return his or her Contract for cancellation.
If the applicant returns the Contract, by mail or hand delivery, to Hartford
Life or to the agent who sold the Contract, to be cancelled within 10 days after
delivery of the Contract to the applicant, or within 45 days after completion of
the application, or within 10 days after mailing or personal delivery of the
notice of cancellation right, whichever is latest (subject to applicable state
regulation), Hartford Life will return to the applicant within 7 days
thereafter, an amount equal to the greater of the premiums paid for the Contract
or the sum of (1) the difference between the premium paid, including any
Contract fees or other charges, and the amounts allocated to the Separate
Account, (2) the value of the amounts allocated to the Separate Account on the
date the returned Contract is received by Hartford Life or its agent and, (3)
any Contract fees and other charges imposed on amounts allocated to the Separate
Account.
In addition, once the Contract is in effect it may be exchanged at any time
during the first 24 months after its issuance for a permanent life insurance
contract on the life of the Insured without submitting proof of insurability.
See "Contract Benefits and Rights - Cancellation and Exchange Rights," page ___.
TAX CONSEQUENCES
The current Federal tax law generally excludes all death benefit payments from
the gross income of the Contract Beneficiary. See "Federal Tax Considerations,"
page ___.
THE COMPANY
Hartford Life Insurance Company was originally incorporated under the laws of
Massachusetts on June 5, 1902. It was subsequently redomiciled to Connecticut.
It is a stock life insurance company engaged in the business of writing health
and life insurance, both ordinary and group, in all states of the United States
and the District of Columbia. Hartford Life is ultimately one hundred percent
owned by Hartford Fire Insurance Company, one of the largest multiple lines
insurance carriers in the United States. Hartford Fire Insurance Company is a
subsidiary of ITT Corporation. Hartford Life Insurance Company has an A++
(superior) rating from A.M. Best and Company, Inc. and Standard and Poor's
(AA+) rating on the basis of its claims paying ability.
These ratings do not apply to the performance of the Separate Account. However,
the contractual obligations under this, the Contracts are the general
obligations of Hartford Life. These ratings do apply to Hartford
Life's ability to meet its insurance obligations under the contract.
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Hartford Life is subject to Connecticut law governing insurance companies and is
regulated and supervised by the Connecticut Commissioner of Insurance. An
annual statement in a prescribed form must be filed with that Commissioner on or
before March 1 in each year covering the operations of Hartford Life for the
preceding year and its financial condition on December 31 of such year. Its
books and assets are subject to review or examination by the Commissioner or his
agents at all times, and a full examination of its operations is conducted by
the National Association of Insurance Commissioners ("NAIC") at least once in
every four years. In addition, Hartford Life is subject to the insurance laws
and regulations of any jurisdiction in which it sells its insurance contracts.
Hartford Life is also subject to various Federal and state securities laws and
regulations.
SEPARATE ACCOUNT ONE
GENERAL
Separate Account One is a separate account of Hartford Life established on May
20, 1985 pursuant to the insurance laws of the State of Connecticut and
organized as a unit investment trust registered with the Securities and Exchange
Commission under the Investment Company Act of 1940. Under Connecticut law, the
assets of Separate Account One are held exclusively for the benefit of Contract
Owners and persons entitled to payments under the Contracts. The assets for
Separate Account One are not chargeable with liabilities arising out of any
other business which Hartford Life may conduct.
FUNDS
The assets of each Sub-Account of Separate Account One are invested exclusively
in one of the Funds. A Contract Owner may allocate premium payments among the
Funds. Contract Owners should review the following brief descriptions of the
investment objectives of each of the Funds in connection with that allocation.
There is no assurance that any of the Funds will achieve its stated objectives.
Contract Owners are also advised to read the prospectuses for each of the Funds
accompanying this Prospectus for more detailed information.
HARTFORD ADVISERS FUND, INC.
To achieve maximum long term total rate of return consistent with prudent
investment risk by investing in common stock and other equity securities, bonds
and other debt securities, and money market instruments. The investment adviser
will vary the investments of the Fund among equity and debt securities and money
market instruments depending upon its analysis of market trends. Total rate of
return consists of current income, including dividends, interest and discount
accruals and capital appreciation.
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HARTFORD AGGRESSIVE GROWTH FUND, INC.
To achieve growth of capital by investing in securities selected solely on
the basis of potential for capital appreciation; income, if any, is an
incidental consideration.
HARTFORD BOND FUND, INC.
To achieve maximum current income consistent with preservation of capital by
investing primarily in bonds.
HARTFORD INDEX FUND, INC.
To provide investment results which approximate the price and yield
performance of publicly-traded common stocks in the aggregate, as represented by
the Standard & Poor's 500 Composite Stock Price Index. The Fund is neither
sponsored by, nor affiliated with, Standard & Poor's Corporation. Hartford
Index Fund, Inc. is not available under contracts issued prior to May 1, 1987
unless requested in writing by a Contract Owner.
HARTFORD INTERNATIONAL OPPORTUNITIES FUND, INC.
To achieve long-term total return consistent with prudent investment risk
through investment primarily in equity securities issued by foreign companies.
HVA MONEY MARKET FUND, INC.
To achieve maximum current income consistent with liquidity and preservation
of capital by investing in money market securities.
HARTFORD MORTGAGE SECURITIES FUND, INC.
To achieve maximum current income consistent with safety of principal and
maintenance of liquidity by investing primarily in mortgage-related securities,
including securities issued by the Government National Mortgage Association
("GNMA").
HARTFORD STOCK FUND, INC.
To achieve long-term capital growth primarily through capital appreciation,
with income a secondary consideration, by investing in equity-type securities.
All of the Funds are organized as corporations under the laws of the State of
Maryland and are registered as diversified open-end management companies under
the Investment Company Act of 1940. Each Fund continually issues an unlimited
number of full and fractional shares of beneficial interest in the Fund. Such
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shares are offered to separate accounts, including Separate Account One,
established by Hartford Life or one of its affiliated companies specifically
to fund the Contracts and other contracts issued by Hartford Life or its
affiliates as permitted by the Investment Company Act of 1940.
It is conceivable that in the future it may be disadvantageous for variable life
insurance separate accounts and variable annuity separate accounts to invest in
the Funds simultaneously. Although neither Hartford Life nor the Funds
currently foresees any such disadvantages either to variable life insurance
Policyowners or to variable annuity Contract Owners, the Funds' Board of
Directors intends to monitor events in order to identify any material conflicts
between such Policyowners and Contract Owners and to determine what action, if
any, should be taken in response thereto. If the Board of Directors were to
conclude that separate funds should be established for variable life and
variable annuity separate accounts, Hartford Life will bear the attendant
expenses.
All investment income of and other distributions to each Sub-Account of Separate
Account One arising from the applicable Fund are reinvested in shares of that
Fund at net asset value. The income and both realized gains or losses on the
assets of each Sub-Account of Separate Account One are therefore separate and
are credited to or charged against the Sub-Account without regard to income,
gains or losses from any other Sub-Account or from any other business of
Hartford Life. Hartford Life will purchase shares in the Funds in connection
with premium payments allocated to the applicable Sub-Account in accordance with
Contract Owners directions and will redeem shares in the Funds to meet Contract
obligations or make adjustments in reserves, if any. The Funds are required to
redeem Fund shares at net asset value and to make payment within seven days.
Hartford Life reserves the right, subject to compliance with the law as then in
effect, to make additions to, deletions from, or substitutions for Separate
Account One and its Sub-Accounts which fund the Contracts. If shares of any of
the Funds should no longer be available for investment, or if, in the judgment
of Hartford Life's management, further investment in shares of any Fund should
become inappropriate in view of the purposes of the Contracts, Hartford Life may
substitute shares of another Fund for shares already purchased, or to be
purchased in the future, under the Contracts. No substitution of securities
will take place without notice to and consent of Contract Owners and without
prior approval of the Securities and Exchange Commission to the extent required
by the Investment Company Act of 1940. Subject to Contract Owner approval,
Hartford Life also reserves the right to end the registration under the
Investment Company Act of 1940 of Separate Account One or any other separate
accounts of which it is the depositor which may fund the Contracts.
Each Fund is subject to certain investment restrictions which may not be changed
without the approval of a majority of the shareholders of the Fund. See the
accompanying prospectuses for each of the Funds.
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INVESTMENT ADVISER
The investment adviser for each of the Funds is The Hartford Investment
Management Company, Inc. ("HIMCO" or the "Adviser"), a wholly-owned subsidiary
of Hartford Life. HIMCO was organized under the laws of the State of
Connecticut in October of 1981. HIMCO also serves as investment adviser to
several other Hartford Life sponsored funds which are also registered with the
Securities and Exchange Commission. Hartford Life is ultimately owned by
Hartford Fire Insurance Company, one of the largest multiple lines insurance
carriers in the United States. Hartford Fire Insurance Company is a subsidiary
of ITT Corporation. The Adviser is registered as an investment adviser under
the Investment Advisers Act of 1940. The Adviser provides investment advice
and, in general, supervises the management and investment program of Hartford
Bond Fund, Inc., Hartford Index Fund, Inc., Hartford International Opportunities
Fund, Inc., HVA Money Market Fund, Inc., and Hartford Mortgage Securities Fund,
Inc., pursuant to an Investment Advisory Agreement entered into with each of
these funds for which HIMCO receives a fee. HIMCO also supervises the
investment programs of Hartford Advisers Fund, Inc., Hartford Aggressive Growth
Fund, Inc., and Hartford Stock Fund, Inc., pursuant to an Investment Management
Agreement for which HIMCO receives a fee. In addition, with respect to these
three funds, HIMCO has a Sub-Investment Advisory Agreement with Wellington
Management Company ("Wellington") to provide an investment program to HIMCO for
utilization by HIMCO in rendering services to these funds. Wellington is a
professional investment counseling firm which provides investment services to
investment companies, other institutions and individuals. Wellington organized
as a private Massachusetts partnership and its predecessor organizations have
provided investment advisory services to investment companies since 1933 and to
investment counseling clients since 1960. See the accompanying prospectuses for
each of the Funds for a more complete description of the Adviser and
Sub-Investment Adviser and their respective fees.
THE CONTRACT
APPLICATION FOR A CONTRACT
Individuals wishing to purchase a Contract must submit an application to
Hartford Life. An applicant may choose the amount of the initial premium
desired and, within limits, the Initial Death Benefit. A Contract generally
will be issued only on the lives of insureds age 75 and under who supply
evidence of insurability satisfactory to Hartford Life. Applicants age 76 to 80
may apply for a Contract with the prior approval of Hartford Life. Acceptance
is subject to Hartford Life's underwriting rules and Hartford Life reserves the
right to reject an application for any reason. No change in the terms or
conditions of a Contract will be made without the consent of the Contract Owner.
The Contract will be effective on the Contract Date only after Hartford Life has
received all outstanding delivery requirements and received the initial premium.
The Contract Date is the date used to determine all future cyclical
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transactions on the Contract, e.g., Monthly Anniversary Day, Contract Months and
Contract Years. The Contract Date may be prior to, or the same as, the date the
Contract is issued (the "Issue Date").
ALLOCATION OF PREMIUM PAYMENTS
Within three business days of receipt of a completed application and the initial
premium at Hartford Life's Home Office, Hartford Life will allocate the entire
premium to Hartford Money Market Fund, Inc. After the expiration of the Right
To Cancel Period the account value in Hartford Money Market Fund, Inc. will be
allocated among the Funds (in whole percentages of 20% or more) to purchase
Accumulation Units in the applicable Sub-Accounts as the Contract Owner directs
in the application. Premium payments received on or after the expiration of the
Right to Cancel Period will be allocated among the Sub-Accounts to purchase
Accumulation Units in such Sub-Accounts as directed by the Contract Owner or, in
the absence of directions, as specified in the original application. The number
of Accumulation Units in each Sub-Account to be credited to a Contract
(including the initial allocation to Hartford Money Market Fund, Inc.) will be
determined first by multiplying the premium payment by the percentage to be
allocated to each Fund to determine the portion to be invested in the
Sub-Account. Each portion to be invested in each Sub-Account is then divided by
the then Accumulation Unit Value of that particular Sub-Account next computed
following receipt of the payment.
ACCUMULATION UNIT VALUES
The Accumulation Unit Value for each Sub-Account will vary to reflect the
investment experience of the applicable Fund and will be determined on each
Valuation Day by multiplying the Accumulation Unit Value of the particular
Sub-Account on the preceding Valuation Day by a "Net Investment Factor" for that
Sub-Account for the Valuation Period then ended. The Net Investment Factor for
each of the Sub-Accounts is equal to the net asset value per share of the
corresponding Fund at the end of the Valuation Period (plus the per share amount
of any dividends or capital gains by that Fund if the ex-dividend date occurs in
the Valuation Period then ended) divided by the net asset value per share of the
corresponding Fund at the beginning of the Valuation Period and subtracting from
that amount the amount of any charges assessed during the Valuation Period then
ending. (See "Deductions and Charges - Charges Against The Separate Account,"
page ___.) Applicants should refer to the Prospectuses for each of the Funds
which accompany this prospectus for a description of how the assets of each Fund
are valued since such determination has a direct bearing on the Accumulation
Unit Value of the Sub-Account and therefore the Cash Value of a Contract. See
ALSO, "Contract Benefits and Rights - Cash Value," page ___.
All valuations in connection with a Contract, e.g., with respect to determining
Cash Value and Contract Value and in connection with Contract Loans, or
calculation of Death Benefits, or with respect to determining the number of
Accumulation Units to be credited to a Contract with each premium payment,
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other than the initial premium payment, will be made on the date the request or
payment is received by Hartford Life at its Home Office if such date is a
Valuation Day; otherwise such determination will be made on the next succeeding
date which is a Valuation Day.
DEDUCTIONS AND CHARGES
MONTHLY DEDUCTIONS
On the Contract Date Hartford Life will deduct a cost of insurance charge and,
on each Monthly Anniversary Day after the Contract Date, Hartford Life will
deduct an amount (the "Deduction Amount") to cover certain charges and expenses
incurred in connection with a Contract including the cost of insurance charges.
The first cost of insurance charge and each monthly Deduction Amount will be
deducted pro rata from each of the Sub-Accounts attributable to the Contract
such that the proportion of Cash Value of the Contract attributable to each
Sub-Account remains the same before and after the deduction. The amount of the
Deduction Amount will vary from month to month. The following is a summary of
the monthly deductions and charges which constitute the Deduction Amount:
COST OF INSURANCE CHARGE
The cost of insurance charge is to cover Hartford Life's anticipated
mortality costs. This charge is equal to the Coverage Amount on the
Contract Date or any Monthly Anniversary Day, multiplied by a monthly "cost
of insurance rate," i.e., a monthly rate charged for each dollar of
insurance coverage. For standard risks, the cost of insurance rate will not
exceed those based on the 1980 Commissioners Standard Ordinary Mortality
Table. A table of guaranteed cost of insurance rates per $1,000 will be
included in each Contract; however, Hartford Life reserves the right to use
rates less than those shown in the table. Substandard risks will be charged
at a higher cost of insurance rate that will not exceed rates based on a
multiple of the 1980 Commissioners Standard Ordinary Mortality Table. The
multiple will be based on the insured's risk class. Hartford Life will
determine the cost of insurance rate at the start of each Contract Year.
Any changes in the cost of insurance rate will be made uniformly for all
insureds in the same risk class.
The Coverage Amount is first set on the Contract Date and then on each
Monthly Anniversary Day. On such days it is equal to the Initial Death
Benefit less the Cash Value subject to a Minimum Coverage Amount adjustment.
The Coverage Amount remains level between the Monthly Anniversary Days.
The Coverage Amount may be adjusted to continue to qualify the Contracts as
life insurance contracts under the current Federal tax law. Under that law,
the Minimum Coverage Amount is equal to a stated percentage of the Cash
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Value of the Contract determined on each Monthly Anniversary Day. The
percentages vary according to the attained age of the Insured and are
specified in the Contracts.
EXAMPLE:
Initial Death Benefit = $100,000
Cash Value on the Monthly Anniversary Day = $30,000
Insured's attained age = 40
Minimum Coverage Amount percentage for age 40 = 150%
On the Monthly Anniversary Day, the Coverage Amount is equal to
$70,000. This is calculated by subtracting the Cash Value on the
Monthly Anniversary Day ($30,000) from the Initial Death Benefit
($100,000), subject to a possible Minimum Coverage Amount
adjustment. This Minimum Coverage Amount is determined by taking
a percentage of the Cash Value on the Monthly Anniversary Day.
In this case, the Minimum Coverage Amount is $45,000 (150% of
$30,000). Since $45,000 is less than the Initial Death Benefit
less the Cash Value ($70,000), no adjustment is necessary.
Therefore, the Coverage Amount will be $70,000.
Assume that the Cash Value in the above example was $50,000. In
this event the Minimum Coverage Amount would be $75,000 (150% of
$50,000). Since this is greater than the Initial Death Benefit
less the Cash Value ($50,000), the Coverage Amount for the
Contract Month is $75,000. (For an explanation of the Death
Benefit, see "Contract Benefits and Rights" on page .)
Because the Cash Value and, as a result, the Coverage Amount under a Contract
may vary from month to month, the cost of insurance charge may also vary on each
Monthly Anniversary Day.
ADMINISTRATIVE AND OTHER EXPENSE CHARGES AGAINST SUB-ACCOUNTS: Hartford Life
will assess a monthly charge against each Sub-Account in Separate Account One to
compensate Hartford Life for administrative costs in connection with the
Contracts. In a Contract's first Contract Year the charge is $2.50 per $1,000
of Initial Death Benefit. This charge will be a minimum of $100 with a maximum
of $500 and will be deducted at the rate of 1/11 of the total annual charge for
eleven months beginning on the first Monthly Anniversary Day. In each Contract
Year thereafter the charge is $75 per Contract deducted as 1/12 on each Monthly
Anniversary Day. These charges cover the average expected cost for these
expenses and are guaranteed not to increase. If the amount deducted for these
expenses is insufficient, the loss is borne by Hartford Life. If the deduction
is more than sufficient, the excess will be a profit to Hartford Life. These
charges are deducted pro rata in proportion to the amount in each Sub-Account.
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STATE PREMIUM TAX CHARGE
On the thirteenth Monthly Anniversary Day following receipt of each premium
payment or upon surrender of the Contract, if earlier, Hartford Life will deduct
a charge of 2.5% of each premium payment to cover state premium taxes. These
taxes vary from state to state and the 2.5% charge is a countrywide average.
CHARGES AGAINST THE SEPARATE ACCOUNT
MORTALITY AND EXPENSE RISK CHARGE
A daily charge is deducted from Separate Account One for mortality and
expense risks assumed by Hartford Life. This charge will be at an annual
rate of 0.90% and is allocated to Hartford Life's general account. Hartford
Life may profit from this charge. See also, "Contract Benefits and Rights -
Cash Value," page ___.
The mortality risk assumed is that the actual cost of insurance charges
specified in the Contract will be insufficient to meet actual claims.
Hartford Life also assumes the risk of the Guaranteed Death Benefit
provision. See "Contract Benefits and Rights -- Guaranteed Death Benefit",
page ___. Hartford Life also assumes a risk that the Initial Death Benefit
(the minimum Death Benefit) will exceed the Coverage Amount on the date of
death plus the Cash Value on the date Hartford Life receives written notice
of death. The expense risk assumed is that expenses incurred in issuing and
administering the Contracts will exceed the administrative charges set in
the Contract.
TAXES
Currently, no charge is made to Separate Account One for Federal income
taxes that may be attributable to Separate Account One. Hartford Life may,
however, make such a charge in the future. Charges for other taxes, if any,
attributable to Separate Account One may also be made.
CHARGES AGAINST THE FUNDS
Separate Account One purchases shares of the Funds at net asset value. The net
asset value of the Fund shares reflects investment advisery fees and
administrative expenses already deducted from the assets of the Funds. These
charges are described in the prospectus for the Funds.
CONTINGENT DEFERRED SALES CHARGE
Upon surrender of the Contract, a contingent deferred sales charge may be
assessed. In Contract Years 1 through 5 this charge is 5% of all premium
payments made. For Contract Years 6 through 10, this charge declines by 1/12th
of 1% each Monthly Anniversary Day after Contract Year 5 reaching 0% by the end
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of Contract Year 10. This charge is to cover a portion of the sales expense
incurred by Hartford Life in distributing the Contracts. This expense includes
agents commissions, advertising and the printing of prospectuses.
EXAMPLE:
Assume a Contract Owner has paid $25,000 in premium. Upon surrender of the
Contract at the end of 8 years and 3 months, Hartford Life would impose a
contingent deferred sales charge of 1.75% or $437.50. This is calculated by
reducing the 5% charge by 1/12 of 1% for each of the 39 months since the end
of Contract Year 5, i.e. 5% - 39/12% or 5% - 3.25% = 1.75%.
See "Contract Benefits and Rights - Amount Payable on Surrender of the
Contract," page ___.
CONTRACT BENEFITS AND RIGHTS
DEATH BENEFIT
The Contracts provide for the payment of the Death Proceeds to the named
Beneficiary when the Insured under the Contract dies. The Death Proceeds
payable to the Beneficiary equal the Death Benefit less any loans outstanding.
The Death Benefit equals the greater of (1) the Initial Death Benefit or (2) the
Cash Value multiplied by a specified percentage. The percentages vary according
to the attained age of the Insured and are specified in the Contract.
Therefore, an increase in Cash Value may increase the Death Benefit. However,
because the Death Benefit will never be less than the Initial Death Benefit, a
decrease in Cash Value may decrease the Death Benefit but never below the
Initial Death Benefit.
EXAMPLES:
A B
-------- --------
Initial Death Benefit: $100,000 $100,000
Insured's Age: 40 40
Cash Value on Date of Death: 46,500 34,000
Specified Percentage 250% 250%
In Example A, the Death Benefit equals $116,250, i.e., the greater of
$100,000 (the Initial Death Benefit) or $116,250 (the Cash Value at the Date
of Death of $46,500, multiplied by the specified percentage of 250%). This
amount less any outstanding loans constitutes the Death Proceeds which we
would pay to the Beneficiary.
In Example B, the death benefit is $100,000, i.e., the greater of $100,000
(the Initial Death Benefit) or $85,000 (the Cash Value of $34,000 multiplied
by the specified percentage of 250%).
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All or part of the Death Proceeds may be paid in cash or applied under a
"Payment Option." See "Other Matters - Payment Options," page ___.
GUARANTEED DEATH BENEFIT
Provided that the Contract Owner pays an initial premium payment equal to 100%
of the Guideline Single Premium (based on the initial Death Benefit), Hartford
Life guarantees that the contract will stay in force (with a minimum death
benefit equal to the Initial Death Benefit) until the contract maturity date
unless the aggregate amount of all outstanding loan(s) exceeds the Cash Value of
the contract less any contingent deferred sales charges and unpaid premium
taxes. This provision applies only to contracts issued on or after
February 2, 1987 and in states other than New York. This provision will be
effective as of the Contract Date once the New York State Insurance Department
approves this provision.
CASH VALUE
As with traditional life insurance, each Contract will have a Cash Value. The
Cash Value of a Contract changes on a daily basis and will be computed on each
Valuation Day. The Cash Value will vary to reflect the investment experience of
the Funds, the value of the Loan Accounts and the monthly Deduction Amounts.
There is no minimum guaranteed Cash Value.
The Cash Value of a particular Contract is related to the net asset value of the
Funds to which premium payments on the Contract have been allocated. The Cash
Value on any Valuation Day is calculated by multiplying the number of
Accumulation Units credited to the Contract in each Sub-Account as of the
Valuation Day by the then Accumulation Unit Value of that Sub-Account and then
summing the result for all the Sub-Accounts credited to the Contract and the
value of the Loan Accounts. See "The Contract - Accumulation Unit Values," page
___.
TRANSFER OF CASH VALUE
As long as the Contract remains in effect, the Contract Owner may request that
$2,000 or more of the Cash Value of a particular Sub-Account be transferred to
other Sub-Accounts. If the entire value of a Sub-Account is being transferred
and its value is less than $2,000, this limit will be waived. Upon transfer,
the minimum amount remaining in a Sub-Account must be $500. Hartford Life
reserves the right to restrict the number of such transfers. However, there are
no restrictions on the number of transfers at the present time. Transfers may
be made by written request or by calling toll free 1-800-227-1369.
As a result of a transfer, the number of Accumulation Units credited to the
Sub-Account from which the transfer is made will be reduced by the number
obtained by dividing the amount transferred by the Accumulation Unit Value of
that Sub-Account on the Valuation Date Hartford Life receives the transfer
request. The number of Accumulation Units credited to the Sub-Account to which
the transfer is made will be increased by the number obtained by dividing
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the amount transferred, less the Transfer Charge, by the Accumulation Unit Value
of that Sub-Account on the Valuation Date Hartford Life receives the transfer
request.
A Transfer Charge of $15.00 will be deducted out of the total amount transferred
for Contracts issued prior to February 2, 1987. This charge covers the average
expected cost for transfers. Amounts transferred from Hartford Money Market
Fund, Inc. to other Sub-Accounts at the expiration of the Right to Cancel
Period, transfers incident to contract loans, transfers upon maturity of a
Series of Hartford Zero Coupon Treasury Fund, Inc. and transfers made under
Contracts applied for after February 2, 1987, will not be subject to a Transfer
Charge.
CONTRACT LOANS
As long as the Contract is in effect, a Contract Owner may obtain, without the
consent of the Beneficiary (provided the designation of Beneficiary is not
irrevocable), one or both of two types of cash loans from Hartford Life. Both
types of loans are secured by the Contract. The aggregate amount of all loans
(including the currently applied for loan) may not exceed 90% of the Cash Value
less any contingent deferred sales charge and less any unpaid premium tax charge
at the time a loan is requested.
Once each year after the first Contract Year (for contracts issued prior to
February 2, 1987, and for New York State contracts limited to the 30 day period
immediately following the Contract Anniversary), ten percent (10%) of the
initial premium may be borrowed subject to a minimum of $1,000 or, if less, 10%
of the initial premium. The amount of the loan will be transferred on a pro
rata basis from each of the Sub-Accounts attributable to the Contract (unless
the Contract Owner specifies otherwise) to a loan account ("Loan Account A") and
credited with interest at the rate of 6% per annum. The loan will bear interest
at the rate of 6% per annum.
At any time, a cash loan may be obtained in an amount no less than $1,000. The
amount of the loan will be transferred on a pro rata basis from each of the
Sub-Accounts attributable to the Contract (unless the Contract Owner specifies
otherwise) to a loan account ("Loan Account B") and credited with interest at
the rate of 6% per annum. The loan will bear interest at the rate of 8% per
annum.
If at any time the aggregate amount of all outstanding loan(s) secured by the
Contract exceeds the Cash Value of the Contract less any contingent deferred
sales charges and unpaid premium tax charges, Hartford Life will give written
notice to the Contract Owner that unless Hartford Life receives an additional
payment within 61 days to reduce the aggregate amount of the outstanding loan(s)
secured by the Contract, the Contract may lapse.
All or any part of any loan secured by a Contract may be repaid while the
Contract is still in effect. When loan repayments or interest payments are
made, the amount of the repayment will be allocated among the Sub-Account(s)
from which, and in the same percentages as, the loan was originally deducted
(unless the Contract Owner requests a different allocation) and an amount
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equal to the payment will be deducted first from Loan Account B (until
exhausted) and then from Loan Account A. Any outstanding loan at the end of a
Grace Period must be repaid before the Contract will be reinstated. See
"Contract Benefits and Rights - Lapse and Reinstatement,"
page ___.
A loan, whether or not repaid, will have a permanent effect on the Cash Value
because the investment results of each Sub-Account will apply only to the amount
remaining in such Sub-Accounts. The longer a loan is outstanding, the greater
the effect is likely to be. The effect could be favorable or unfavorable. If
the Sub-Accounts earn more than 6% per annum, which is the annual interest rate
for funds held in either of the two Loan Accounts, a Contract Owner's Cash Value
will not increase as rapidly as it would have had no loan been made. If the
Sub-Accounts earn less than 6% per annum, the Contract Owners Cash Value will be
greater than it would have been had no loan been made. Also, if not repaid, the
aggregate amount of all outstanding loan(s) will reduce the Death Proceeds and
Contract Value otherwise payable.
AMOUNT PAYABLE ON SURRENDER OF THE CONTRACT
As long as the Contract is in effect, a Contract Owner may elect, without the
consent of the Beneficiary (provided the designation of Bbeneficiary is not
irrevocable), to fully surrender the Contract. Upon surrender, the Contract
Owner will receive the Contract Value determined as of the day Hartford Life
receives the Contract Owner's written request or the date requested by the
Contract Owner whichever is later. The Contract Value equals the Cash Value
less any contingent deferred sales charges, any outstanding loans and any
premium tax charges due and unpaid. Hartford Life will pay the Contract Value
of the Contract within seven days of receipt by Hartford Life of the written
request or on the date requested by the Contract Owner, whichever is later. The
Contract will terminate on the date of receipt of the written request, or the
date the Contract Owner requests the surrender to be effective, whichever is
later. No partial surrenders or splitting of the Contract is allowed.
BENEFITS AT MATURITY
If the Insured is living on the "Maturity Date" (the anniversary of the Contract
Date on which the Insured is age 95), on surrender of the Contract to Hartford
Life, Hartford Life will pay to the Contract Owner the Contract Value. On the
Maturity Date, the Contract will terminate and Hartford Life will have no
further obligations under the Contract.
LAPSE AND REINSTATEMENT
A. Contracts issued prior to February 2, 1987, and for New York State
contracts, (see "Special Provisions", page ___.)
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The Contract will remain in effect until the Contract Value is insufficient
to cover a Deduction Amount due on a Monthly Anniversary Day. In that
event, Hartford Life will give written notice to the Contract Owner that if
an amount shown in the notice (which will be sufficient to cover the
Deduction Amount(s) due) is not paid within 61 days (the "Grace Period"),
there is a danger of lapse.
B. Contracts issued on or after February 2, 1987.
If the Contract Owner pays an initial premium payment equal to 100% of the
Guideline Single Premium, the Contract will remain in effect until total
indebtedness equals or exceeds the Cash Value less any deferred expense and
premium tax charges. If the Contract Owner pays an initial premium payment
less than 100% of the Guideline Single Premium, the Contract will remain in
effect until the Contract Value on any Monthly Anniversary Day is less than
the required monthly Deduction Amount. In either event, Hartford Life will
give written notice to the Contract Owner that if an amount shown in the
notice (repayment of indebtedness and/or payment of premium of three monthly
Deduction Amount(s)) is not paid within 61 days (the "Grace Period"), the
Contract will terminate.
For all Contracts:
The Contract will continue through the Grace Period, but if no payment is
forthcoming, it will terminate at the end of the Grace Period. If the person
insured under the Contract dies during the Grace Period, the Death Proceeds
payable under the Contract will be reduced by the amount of the Deduction
Amount(s) due and unpaid. (See "Contract Benefits and Rights - Death Benefit,"
page ___.)
If the Contract lapses, the Contract Owner may apply for reinstatement of the
Contract by payment of the reinstatement premium (and any applicable charges)
shown in the Contract. A request for reinstatement may be made at any time
within five years of lapse. If a loan was outstanding at the time of lapse,
Hartford Life will require repayment of the loan before permitting
reinstatement. In addition, Hartford Life reserves the right to require
evidence of insurability satisfactory to Hartford Life.
CANCELLATION AND EXCHANGE RIGHTS
An Applicant has a limited right to return a Contract for cancellation. If the
Contract is returned, by mail or personal delivery to Hartford Life or to the
agent who sold the Contract, to be cancelled within 10 days after delivery of
the Contract to the Contract Owner, or within 45 days of completion of the
Contract application, or within 10 days after mailing or personal delivery of
the notice of cancellation right (whichever is latest, and subject to applicable
state regulation), Hartford Life will return to the Applicant within 7 days an
amount equal to the greater of premiums paid for the Contract or the sum of (1)
the difference between the premium paid, including any Contract fees or other
charges, and the amounts allocated to the Separate Account, (2) the value of
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the amounts allocated to the Separate Account on the date the returned Contract
is received by Hartford Life or its agent and, (3) any Contract fees and other
charges imposed on amounts allocated to the Separate Account.
Once the Contract is in effect, it may be exchanged at any time during the first
24 months after its issuance, for a non-variable flexible premium adjustable
life insurance contract offered by Hartford Life (or an affiliated company) on
the life of the Insured. No evidence of insurability will be required. The new
contract will have, at the election of the Contract Owner, either a Coverage
Amount equal to the Coverage Amount under the exchanged contract on the date of
exchange or the same Death Benefit. The effective date, issue date and issue
age will be the same as existed under the exchanged contract. If a contract
loan was outstanding, the entire loan must be repaid. There may be a cash
adjustment required on the exchange.
SUSPENSION OF VALUATION, PAYMENTS AND TRANSFERS
Hartford Life will suspend all procedures requiring valuation (including
transfers, surrenders and loans) on any day a national stock exchange is closed
or trading is restricted due to an existing emergency as defined by the
Securities and Exchange Commission, or on any day the Commission has ordered
that the right of surrender of the Contracts be suspended for the protection of
Contract Owners, until such condition has ended.
SPECIAL PROVISIONS
NEW YORK STATE CONTRACTS
The following changes are applicable to contracts issued in the State of New
York only:
1. The Contracts described in this Prospectus are redesignated as "Modified
Single Premium Variable Life Insurance with Limited Premium Flexibility".
2. Under "Cancellation and Exchange Rights" on page ___, an additional option
is provided so that a Contract Owner may also elect a Coverage Amount or
Death Benefit, as applicable, less than that provided under the exchanged
Contract subject to Hartford Life's minimum amount requirements.
3. The paragraph under "Suspension of Valuation, Payments and Transfers" on
page ___ is amended to read as follows: "Hartford Life will suspend all
procedures requiring valuation (including transfers, surrenders and loans)
on any day a national stock exchange is closed or trading is restricted due
to an existing emergency as declared by the Securities and Exchange
Commission until such condition has ended."
4. The Guaranteed Death Benefit described on page ___ and the changes noted in
Lapse (page ___ ), Lapse and Reinstatement (page ___ ) and Contract Loans
(page ___ and ___ ) will be added by rider when approval is obtained from
the New York State Insurance Department.
<PAGE>
-32-
When approved, the rider will be effective as of the Contract Date only for
those contracts issued on or after February 2, 1987.
OTHER MATTERS
VOTING RIGHTS
In accordance with its view of presently applicable law, Hartford Life will vote
the shares of the Funds at regular and special meetings of the shareholders of
the Funds in accordance with instructions from Contract Owners (or the assignee
of the Contract, as the case may be) having a voting interest in Separate
Account One. The number of shares held in the Separate Account which are
attributable to each Contract Owner is determined by dividing the Contract
Owner's interest in each Sub-Account by the net asset value of the applicable
shares of the Funds. Hartford Life will vote shares for which no instructions
have been given and shares which are not attributable to Contract Owners (i.e.
shares owned by Hartford Life) in the same proportion as it votes shares for
which it has received instructions. If the Investment Company Act of 1940 or
any rule promulgated thereunder should be amended, however, or if Hartford
Life's present interpretation should change and, as a result, Hartford Life
determines it is permitted to vote the shares of the Funds in its own right, it
may elect to do so.
The voting interests of the Contract Owner (or the assignee) in the Funds will
be determined as follows: Contract Owners may cast one vote for each full or
fractional Accumulation Unit owned under the Contract and allocated to a
Sub-Account the assets of which are invested in the particular Fund on the
record date for the shareholder meeting for that Fund. If, however, a Contract
Owner has taken a loan secured by the Contract, amounts transferred from the
Sub-Account(s) to the Loan Account(s) in connection with the loan (see "Contract
Benefits and Rights - Contract Loans," page ___ ) will not be considered in
determining the voting interests of the Contract Owner. Contract Owners should
review the prospectuses for the Funds which accompany this Prospectus to
determine matters on which shareholders may vote.
Hartford Life may, when required by state insurance regulatory authorities,
disregard voting instructions if the instructions require that the shares be
voted so as to cause a change in the sub-classification or investment objective
of one or more of the Funds or to approve or disapprove an investment advisery
contract for the Funds.
In addition, Hartford Life itself may disregard voting instructions in favor of
changes initiated by a Contract Owner in the investment policy or the investment
adviser of the Funds if Hartford Life reasonably disapproves of such changes. A
change would be disapproved only if the proposed change is contrary to state law
or prohibited by state regulatory authorities. In the event Hartford Life does
disregard voting instructions, a summary of that action and the reasons for such
action will be included in the next periodic report to Contract Owners.
<PAGE>
-33-
STATEMENTS TO CONTRACT OWNERS
Hartford Life will maintain all records relating to Separate Account One and the
Sub-Accounts. At least once each Contract Year, Hartford Life will send to
Contract Owners a statement showing the Coverage Amount and the Cash Value of
the Contract (indicating the number of Accumulation Units credited to the
Contract in each Sub-Account and the corresponding Accumulation Unit Value), and
the amount of any outstanding loan secured by the Contract as of the date of the
statement. The statement will also show premium paid, and Deduction Amounts
under the Contract since the last statement, and any other information required
by any applicable law or regulation.
LIMIT ON RIGHT TO CONTEST
Hartford Life may not contest the validity of the Contract after it has been in
effect during the Insured's lifetime for two years from the Issue Date. If the
Contract is reinstated, the two-year period is measured from the date of
reinstatement. Any increase in the Coverage Amount as a result of a premium
payment is contestable for 2 years from its effective date. In addition, if the
Insured commits suicide in the two-year period, or such period as specified in
state law, the benefit payable will be limited to the Cash Value less any
indebtedness.
MISSTATEMENT AS TO AGE
If the age of the Insured is incorrectly stated, the amount of Death Benefit
will be appropriately adjusted as specified in the Contract.
PAYMENT OPTIONS
Proceeds under the Contracts may be paid in a lump sum or may be applied to one
of Hartford Life's payment options. The minimum amount that may be placed under
a payment option is $5,000 unless Hartford Life consents to a lesser amount.
Once payments under options 2, 3 or 4 commence, no surrender of the Contract may
be made for the purpose of receiving a lump sum settlement in lieu of the
annuity payments. The following options are available under the Contracts.
FIRST OPTION -- Interest Income
Payments of interest at the rate we declare, but not less than 3 1/2% per
year, on the amount applied under this option.
SECOND OPTION -- Income of Fixed Amount
Equal payments of the amount chosen until the amount applied under this
option, with interest of not less than 3 1/2% per year, is exhausted. The
final payment will be for the balance remaining.
<PAGE>
-34-
THIRD OPTION -- Payments for a Fixed Period
An amount payable monthly for the number of years selected which may be from
1 to 30 years.
FOURTH OPTION -- Life Income
LIFE ANNUITY - an annuity payable monthly during the lifetime of the
Annuitant and terminating with the last monthly payment due preceding the
death of the Annuitant.
LIFE ANNUITY WITH 120 MONTHLY PAYMENTS CERTAIN - an annuity providing
monthly income to the Aannuitant for a fixed period of 120 months and for as
long thereafter as the Annuitant shall live.
The Tables in the Contract provide for guaranteed dollar amounts of monthly
payments for each $1,000 applied under the four Payment Options. Under the
Fourth Option, the amount of each payment will depend upon the age of the
annuitant at the time the first payment is due. If any periodic payment due any
payee is less than $200, Hartford Life may make payments less often.
The Table for the Fourth Option is based on the 1983a Individual Annuity
Mortality Table set back one year and a net investment rate of 3.5% per annum.
The Tables for the First, Second and Third Options are based on a net investment
rate of 3.5% per annum. Hartford Life may, however, from time to time, at our
discretion if mortality appears more favorable and interest rates justify, apply
other tables which will result in higher monthly payments for each $1,000
applied under one or more of the four Payment Options.
Hartford Life will make any other arrangements for income payments as may be
agreed on.
BENEFICIARY
The applicant names the Beneficiary in the application for the Contract. The
Contract Owner may change the Beneficiary (unless irrevocably named) during the
Insured's lifetime by written request to Hartford Life. If no Beneficiary is
living when the Insured dies, the Death Proceeds will be paid to the Contract
Owner if living; otherwise to the Contract Owner's estate.
ASSIGNMENT
The Contract may be assigned as collateral for a loan or other obligation.
Hartford Life is not responsible for any payment made or action taken before
receipt of written notice of such assignment. Proof of interest must be filed
with any claim under a collateral assignment.
DIVIDENDS
No dividends will be paid under the Contracts.
<PAGE>
-35-
EXECUTIVE OFFICERS AND DIRECTORS
<TABLE>
<CAPTION>
OTHER BUSINESS
PROFESSION, VOCATION
OR EMPLOYMENT FOR
POSITION WITH HLIC, PAST 5 YEARS; OTHER
NAME, AGE YEAR OF ELECTION DIRECTORSHIPS
- --------- ------------------- ---------------------
<S> <C> <C>
Louis J. Abdou Vice President, 1987 Vice President
52 (1987-Present),
Hartford Insurance Company.
David H. Annis, Vice President, 1994 Vice President (1994-
43 Present); Assistant Vice
President (1986-1994).
Paul J. Boldischar, Vice President, 1992 Senior Vice President and
Jr., 53 Director, Operations ITT
Hartford Life and Annuity
Insurance Company, 1994;
Senior Vice President and
Director of National
Service Center, ITT Life
Insurance Corporation
(1987-1992).
Wendell J. Bossen Vice President, 1992** President (1992-Present),
61 International Corporate
Marketing Group, Inc.;
Executive Vice President
(1984-1992), Mutual Benefit.
Peter W. Cummins Vice President, 1989 Vice President,Individual
57 Annuity Operations (1989-
Present), Hartford
Life Insurance Company.
Julianna B. Dalton Vice President, 1992 Vice President,
39 (1992-Present); Assistant
Vice President, (1989-1992);
Director of Research,
(1987-1989) Hartford Life
Insurance Company.
Ann M. deRaismes Vice President, 1994 Vice President, (1994)
44 Assistant Vice President
(1992-1994); Director of
Human Resources
(1991-Present); Assistant
Director of Human Resources
(1987-1991), Hartford Life
Insurance Company.
</TABLE>
<PAGE>
-36-
EXECUTIVE OFFICERS AND DIRECTORS (Continued)
<TABLE>
<CAPTION>
OTHER BUSINESS
PROFESSION, VOCATION
OR EMPLOYMENT FOR
POSITION WITH HLIC, PAST 5 YEARS; OTHER
NAME, AGE YEAR OF ELECTION DIRECTORSHIPS
- --------- ------------------- --------------------
<S> <C> <C>
Allen J. Duoma, M.D. Medical Director, Medical Director (1993-
49 1993 Present), Employee
Benefits Division,
Hartford Life
Insurance Company;
Medical Director
(1990-1993),
Travelers' Managed
Disability Services;
Medical Director
(1988-1990), Center for
Corporate Health.
Donald R. Frahm Chairman and Chief Chairman and Chief
63 Executive Officer, Executive Officer of the
1988 Hartford Insurance Group
(1988-Present).
Bruce D. Gardner General Counsel, 1991 General Counsel Corporate
44 and Coporate Secretary Secretary(1991-Present)
Corporate Secretary
(1988- Present);
Associate General Counsel
(1988-1991); Counsel,
(1986-1988) Hartford Life
Insurance Company.
Joseph H. Gareau Executive Vice President Executive Vice President and
47 and Chief Investment Chief Investment Officer,
Officer, 1993 (1993-Present), Hartford Life
Insurance Co.; Senior Vice
President and Chief
Investment Officer
(1992-1993), ITT
Hartford's Property-Casualty
Companies.
J. Richard Garrett Vice President, 1988 Vice President and
49 & Treasurer Treasurer (1988-Present),
Hartford Insurance Group.
John P. Ginnetti Executive Vice Executive Vice President,
48 President and Director 1994; Senior Vice President,
Asset Management (1988-1994); General Counsel
Services, 1994 and Corporate Secretary of
Hartford Life Insurance
Company (l982-1988).
</TABLE>
<PAGE>
-37-
EXECUTIVE OFFICERS AND DIRECTORS (Continued)
<TABLE>
<CAPTION>
OTHER BUSINESS
PROFESSION, VOCATION
OR EMPLOYMENT FOR
POSITION WITH HLIC, PAST 5 YEARS; OTHER
NAME, AGE YEAR OF ELECTION DIRECTORSHIPS
- --------- ------------------- ---------------------
<S> <C> <C>
Lois W. Grady Vice President, 1993 Vice President
50 (1993-Present);
Assistant Vice President
(1988-1993), Hartford Life
Insurance Company.
David A. Hall Senior Vice President Senior Vice President and
40 and Actuary, 1992 Actuary of Hartford Life
Insurance Company
(1992-Present).
Joseph Kanarek Vice President, 1991 Vice President
47 (1991-Present);
Director (1992-Present),
Hartford Life Insurance
Company.
Kevin L. Kirk Vice President, 1992 Vice President
43 (1992-Present);
Assistant Vice President;
Assistant Director (1985-
1992), Asset Management
Services, Hartford Life
Insurance Company
(1985-1992).
Andrew W. Kohnke Vice President, 1992 Vice President
36 (1992-Present);
Assistant Vice President
(1989-1992); Investment
Officer (1987-1989), Hartford
Life Insurance Company.
Steven M. Maher Vice President and Vice President and Actuary
40 Actuary, 1993 (1993-Present); Assistant
Vice President (1987-1993),
Hartford Life Insurance
Company.
William B. Malchodi, Vice President and Director of Taxes (1992-
Jr., 44 Director of Taxes Present), Hartford Insurance
1992 Company.
</TABLE>
<PAGE>
-38-
EXECUTIVE OFFICERS AND DIRECTORS (Continued)
<TABLE>
<CAPTION>
OTHER BUSINESS
PROFESSION, VOCATION
OR EMPLOYMENT FOR
POSITION WITH HLIC, PAST 5 YEARS; OTHER
NAME, AGE YEAR OF ELECTION DIRECTORSHIPS
- --------- ------------------- ---------------------
<S> <C> <C>
Thomas M. Marra Senior Vice President Senior Vice President,
36 and Actuary, 1994 1994; Vice President (1989-
Director, ILAD 1994); Director of Individual
Annuities (1991-Present);
Assistant Vice President
(1989); Actuary (1987-1989),
Hartford Life Insurance
Company.
David J. McDonald Senior Vice President, Senior Vice President and
58 1986 Director, Asset Management
Services (1986-Present); Vice
President (1980-1986),
Hartford Insurance Company.
Kevin A. North Vice President, 1991 Vice President, Hartford
42 Insurance Group and Director
of Real Estate (1991-Present);
Vice President and Deputy
Director of Real Estate
(1989-1991); Assistant Vice
President and Deputy Director
of Real Estate (1987-1989).
Joseph J. Noto Vice President, 1989 Vice President
42 (1989-Present),
Hartford Life Insurance
Company; Controller (1983-
1989), Personal Lines
Insurance Center; Vice
President (1986-1989),
Personal Lines Insurance
Center; Controller (1987-
1989), Personal Lines Market
Segment, Hartford Fire.
Leonard E. Odell, Senior Vice President, Senior Vice President (1994-
Jr., 49 1994 Present); Vice President
(1982-1994); Actuary (1976-
1982), Hartford Life
Insurance Company.
</TABLE>
<PAGE>
-39-
EXECUTIVE OFFICERS AND DIRECTORS (Continued)
<TABLE>
<CAPTION>
OTHER BUSINESS
PROFESSION, VOCATION
OR EMPLOYMENT FOR
POSITION WITH HLIC, PAST 5 YEARS; OTHER
NAME, AGE YEAR OF ELECTION DIRECTORSHIPS
- --------- ------------------- ---------------------
<S> <C> <C>
Michael C.O'Halloran Vice President & Vice President & Senior
46 Senior Associate Associate General Counsel
General Counsel, 1988 and Director (1988-Present),
Law Department, Hartford Fire
Insurance Company.
Craig D. Raymond Vice President and Vice President and Chief
33 Chief Actuary, 1994 Actuary, 1994; Vice President
and Actuary (1993-1994);
Assistant Vice President and
Actuary (1992-1993); Actuary
(1989-1992), Hartford Life
Insurance Company; Consultant,
Tillinghast/Towers Ferrin
(1988-1989).
Lowndes A. Smith President and Chief President and Chief
55 Operating Officer, 1989 Operating Officer (1989-
Present), Hartford Life
Insurance Company; Senior
Vice President and Group
Controller; Vice President
and Group Controller
(1980-1987), Hartford
Insurance Group.
Edward J. Sweeney Vice President, 1993 Vice President
38 (1993-Present);
Chicago Regional Manager
(1985-1993), Hartford Life
Insurance Company.
James E. Trimble Vice President and Vice President
38 Actuary, 1990 (1990-Present);
Assistant Vice President
(1987-1990), Hartford Life
Insurance Company.
</TABLE>
<PAGE>
-40-
EXECUTIVE OFFICERS AND DIRECTORS (Continued)
<TABLE>
<CAPTION>
OTHER BUSINESS
PROFESSION, VOCATION
OR EMPLOYMENT FOR
POSITION WITH HLIC, PAST 5 YEARS; OTHER
NAME, AGE YEAR OF ELECTION DIRECTORSHIPS
- --------- ------------------- ---------------------
<S> <C> <C>
Raymond P. Welnicki, Senior Vice Senior Vice President
46 President, 1994 1994, Vice President
(1993-Present) Hartford Life
Insurance Company; Board of
Directors, Ethix Corp.,
formerly employed
by Aetna Life & Casualty.
James J. Westervelt, Vice President and Vice President and Group
47 Group Controller, 1989 Controller, (1989-Present);
Assistant Vice President and
Assistant Controller (1983-
1989), Hartford Insurance
Group.
Lizabeth H. Zlatkus, Vice President, 1994 Vice President (1994);
36 Assistant Vice President
(1992-1994); Hartford Life
Insurance Company; formerly
Director, Hartford Insurance
Group.
Donald J.Znamierowski, Vice President and Vice President and Director
60 Director of of Strategic Operations,
Strategic Operations, 1994; Vice President and
1994 Comptroller (1986-1994);
Assistant Vice President and
Comptroller (1976-1986);
Director (1976-1986), Hartford Life Insurance
Company, Hartford Life &
Accident Insurance Company,
ITT Hartford Life & Annuity
Insurance Company, and Ally
Canada.
<FN>
- --------------------------------------
* Denotes date of election to Board of Directors.
**ITT Hartford Affiliated Company.
</TABLE>
<PAGE>
-41-
DISTRIBUTION OF THE CONTRACTS
Hartford Life intends to sell the Contracts in all jurisdictions where it is
licensed to do business. The Contracts will be sold by life insurance sales
representatives who represent Hartford Life and who are registered
representatives of certain broker-dealers. Any sales representative or employee
will have been qualified to sell variable life insurance contracts under
applicable Federal and state laws. Each broker-dealer is registered with the
Securities and Exchange Commission under the Securities Exchange Act of 1934 and
all are members of the National Association of Securities Dealers, Inc. The
maximum sales commission payable to Hartford Life agents, independent registered
insurance brokers, and other registered broker-dealers is 6% of initial premium
and 2.5% of any subsequent premiums. The maximum renewal commission is .2 of 1%
of the unloaned Cash Value on each Contract Anniversary.
SAFEKEEPING OF THE SEPARATE ACCOUNT'S ASSETS
The assets of the Separate Account are held by Hartford Life. The assets of the
Separate Account are kept physically segregated and held separate and apart from
the General Account of Hartford Life. Hartford Life maintains records of all
purchases and redemptions of shares of the Fund. Additional protection for the
assets of the Separate Account is afforded by Hartford Life's blanket fidelity
bond issued by Aetna Casualty and Surety Company, in the aggregate amount of $50
million, covering all of the officers and employees of Hartford Life.
FEDERAL TAX CONSIDERATIONS
GENERAL
BECAUSE OF THE COMPLEXITY OF THE LAW AND THE FACT THAT THE TAX RESULTS WILL VARY
ACCORDING TO THE ACTUAL STATUS OF THE CONTRACT OWNER INVOLVED, LEGAL AND TAX
ADVICE MAY BE NEEDED BY A PERSON, EMPLOYER OR OTHER ENTITY CONTEMPLATING THE
PURCHASE OF A CONTRACT DESCRIBED HEREIN.
It should be understood that any detailed description of the Federal income tax
consequences regarding the purchase of these Contracts cannot be made in this
Prospectus and that special tax rules may be applicable with respect to certain
purchase situations not discussed herein. In addition, no attempt is made here
to consider any applicable state or other tax laws. For detailed information, a
qualified tax adviser should always be consulted. This discussion of Federal
tax considerations is based upon Hartford Life's understanding of current
Federal income tax laws as they are currently interpreted.
<PAGE>
-42-
TAXATION OF HARTFORD LIFE AND SEPARATE ACCOUNT ONE
Separate Account One is taxed as a part of Hartford Life which is taxed as a
life insurance company in accordance with the Life Insurance Company Income Tax
Act of 1959 (Part 1 of Subchapter L of the Code). Accordingly, Separate Account
One will not be taxed as a "regulated investment company" under subchapter M of
the Code. Investment income and realized capital gains on the assets of
Separate Account One (the underlying Funds) are reinvested and are taken into
account in determining the value of the Accumulation Units (see "Contract
Benefits and Right - Cash Value", on page ___). As a result, such investment
income and realized capital gains are automatically applied to increase reserves
under the Contract.
Hartford Life does not expect to incur any Federal income tax on the earnings or
realized capital gains attributable to Separate Account One. Based upon these
expectations, no charge is currently being made to Separate Account One for
Federal income taxes. If Hartford Life incurs income taxes attributable to
Separate Account One or determines that such taxes will be incurred, it may
assess a charge for taxes against Separate Account One.
TAXATION OF CONTRACT BENEFITS
The Contracts should be treated as life insurance contracts for Federal income
tax purposes under Section 7702 of the Code. As such, the death benefit
thereunder is excludable from the gross income of the Beneficiary. Also, the
Contract Owner is not deemed to be in constructive receipt of the Cash Value,
including increments thereon, under a Contract until actual surrender thereof.
Section 7702 of the Code added by the Tax Reform Act of 1984 imposes certain
conditions with respect to the premiums received under the Contract. Hartford
Life intends to monitor the premiums to assure compliance.
Hartford Life also believes that any loan received under a Contract will be
treated as indebtedness of the Contract Owner, and that no part of any loan
under a Contract will constitute income to the Contract Owner. A surrender or
assignment of the Contract may have tax consequences depending upon the
circumstances. Contract Owners should consult qualified tax advisers concerning
the effect of such changes.
Federal estate tax, state and local estate, inheritance and other tax
consequences of ownership, or receipt of Contract proceeds depend on the
circumstances of each Contract Owner or Beneficiary.
MODIFIED ENDOWMENT CONTRACTS
A loan, distribution or other amount received under a "modified endowment
contract" will be taxed to the extent of accumulated income in the Contract
(generally, the excess of cash value over premiums paid). A Contract will be
treated as a "modified endowment contract" under Section 7702(A) of the Internal
Revenue Code if it meets the definition of life insurance in Section 7702 and
fails the "seven-pay test" of Section 7702(A). The "seven-pay test" provides
that premiums cannot be paid at a rate more rapidly than that allowed by the
<PAGE>
-43-
payment of seven annual premiums using certain computational rules. The
computational rules for the "seven-pay test" are described in Section 7702(b)(2)
except that the death benefit provided under the contract in the first year of
the contract shall be deemed provided until the deemed maturity date of the
contract. In computing the premiums under the "seven-pay test," expense charges
are not taken into account and mortality charges must be reasonable as required
by the Technical and Miscellaneous Revenue Act of 1988.
Any amounts which are taxable withdrawals under a "modified endowment contract"
will be subject to a 10% excise tax with certain exceptions. A new
determination of whether the policy should be treated as a "modified endowment
contract" under Section 7702(A) will be required at any time the policy
undergoes a "material change" which includes increases in death benefits.
Additional premium payments may cause the start of a new seven-year period with
the taxation of distributions and loans.
Distributions and loans will be subject to the rules under Section 7702(A) only
in the year in which the Contract becomes a "modified endowment contract" and
thereafter, except that distributions and loans made in anticipation of the
Contract becoming a "modified endowment contract" (distributions made within two
years of a contract failing the "seven-pay test" under Section 7702(A) are
deemed to be in anticipation) will be taxed. If the contract satisfies the
seven-pay test for seven years, distributions and loans made after the seven
year period will not generally be subject to the new tax rules. A material
change could, however, occur any time within the first seven years or thereafter
and future taxation of distributions and loans would depend on whether the
Contract satisfied the new "seven-pay test" from the time of the material
change.
All modified endowment contracts that are issued within any calendar year to the
same Contract Owner by one company or its affiliates shall be treated as one
modified contract for the purpose of determining the taxable portion of any loan
or distributions.
DIVERSIFICATION REQUIREMENTS
Section 817 of the Code provides that a variable life insurance contract (other
than a pension plan contract) will not be treated as a life insurance contract
for any period during which the investments made by the separate account or
underlying fund are not adequately diversified in accordance with regulations
prescribed by the Treasury. If a Contract is not treated as a life insurance
contract, the Contract Owner will be subject to income tax on the annual
increases in cash value. The Treasury has issued diversification regulations
which, among other things, require that no more than 55% of the assets of mutual
fund (such as the Hartford Life mutual funds) underlying a variable life
insurance contract, be invested in any one investment. All securities issued by
the same issuer are considered one investment. Each government agency or
instrumentality is treated as separate issuer. Securities issued, guaranteed or
insured by the Federal Government or one of its instrumentalities are considered
to be one investment under these regulations. If the diversification standards
are not met, non-pension Contract Holders will be subject to current tax on the
increase in cash value in the Contract.
<PAGE>
-44-
LEGAL PROCEEDINGS
There are no pending material legal proceedings affecting the Contracts,
Separate Account One or any of the Funds.
LEGAL MATTERS
Legal matters in connection with the issue and sale of flexible premium variable
life insurance contracts described in this Prospectus and the organization of
Hartford Life, its authority to issue the Contracts under Connecticut law and
the validity of the forms of the Contracts under Connecticut law and legal
matters relating to the Federal securities and income tax laws have been passed
on by the General Counsel of Hartford Life.
EXPERTS
The audited financial statements for Hartford Life included in this Prospectus
and Registration Statement have been audited by Arthur Andersen LLP, independent
public accountants, as indicated in their report hereon, and are included herein
in reliance upon the authority of said firm as experts in accounting and
auditing.
The hypothetical Contract illustrations included in this Prospectus and
Registration Statement have been approved by Thomas M. Marra, FSA, MAAA, Vice
President and Actuary for Hartford Life, and are included in reliance upon his
opinion as to their reasonableness.
REGISTRATION STATEMENT
A registration statement has been filed with the Securities and Exchange
Commission under the Securities Act of 1933 as amended. This Prospectus does
not contain all information set forth in the registration statement, its
amendments and exhibits, to all of which reference is made for further
information concerning Separate Account One, the Funds, Hartford Life, and the
Contracts.
<PAGE>
-45-
APPENDIX A
ILLUSTRATIONS OF BENEFITS
The tables in Appendix A illustrate the way in which a Contract operates. They
show how the death benefit and surrender value could vary over an extended
period of time assuming hypothetical gross rates of return equivalent to
constant after tax annual rates of 0%, 6% and 12%. The tables are based on an
initial premium of $10,000 (100% of the Guideline Single Premium) for insureds
ages 5, 25, 40, and 55 (male or female) and initial death benefits of $233,500,
$105,799, $54,099, and $28,800 respectively.
The death benefit and surrender value for a Contract would be different from
those shown if the actual rates of return averaged 0%, 6% and 12% over a period
of years, but also fluctuated above or below those averages for individual
Contract years. They would also differ if any contract loan were made during
the period of time illustrated.
The illustrations assume the cost of insurance charges are based on guaranteed
cost of insurance rates. The death benefits and surrender values would be
greater if the cost of insurance charges actually deducted were based on lower
cost of insurance rates.
The amounts shown for the death benefit and surrender value as of the end of
each Contract year take into account (1) the daily charge for mortality and
expense risks in Separate Account One equivalent to an effective annual charge
of .90% of the average daily value of the assets in Separate Account One
attributable to the Contracts; and (2) an estimated daily charge equivalent to
an effective annual charge of .65% of the average daily net assets of the Funds
for investment advisory and administrative services fees. The actual charge
will be determined by the Fund or Funds chosen. The annual charges for the
Funds are .425% for the Money Market, U.S. Government Money Market, Mortgage
Securities and; .50% for the Bond and Stock Funds; .750% for the Advisers and
Aggressive Growth Funds and .375% for the Index Fund. Taking into account these
charges (1 and 2 above), the gross annual investment return rates of 0%, 6% and
12% on the Fund's assets are equivalent to net annual investment return rates
of: -1.55%, 4.45% and 10.45% respectively.
In addition the death benefit and surrender value as of the end of each Contract
Year take into account: (1) a premium tax charge of 2.5% of each premium
(deducted on the 13th month following receipt of each premium); (2) an
administrative charge of $2.50 per $1,000 of initial death benefit (with a
minimum of $100 and a maximum of $500) for the first Contract year and $75 for
each subsequent Contract Year; and (3) any Contingent Deferred Sales Charge
which may be applicable in the first 10 Contract Years.
The hypothetical returns shown in the tables are without any tax charges that
may be attributable to Separate Account One in the future. In order to produce
after tax returns of 0%, 6%, and 12%, the Separate Account would have to earn a
sufficient amount in excess of 0% or 6% or 12% to cover any tax charges (see
"Deductions and Charges - Charges Against The Separate Account - Taxes,"
page___ ).
<PAGE>
-46-
The "Premium Paid Plus Interest" column of each table shows the amount which
would accumulate if an amount equal to the initial premium was invested to earn
interest, after taxes of 5% per year, compounded annually.
Hartford Life will furnish upon request, a comparable illustration reflecting
the proposed insureds age, risk classification, initial death benefit or initial
premium requested, and reflecting guaranteed cost of insurance rates. Hartford
Life Insurance Company will also furnish an additional similar illustration
reflecting current cost of insurance rates which may be less than, but never
greater than, the guaranteed cost of insurance rates.
<PAGE>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
TO HARTFORD LIFE INSURANCE COMPANY
SEPARATE ACCOUNT ONE AND TO THE
OWNERS OF UNITS OF INTEREST THEREIN:
We have audited the accompanying statement of assets and liabilities of
Hartford Life Insurance Company Separate Account One as of December 31, 1994,
and the related statement of operations for the year then ended and statement of
changes in net assets for each of the two years in the period then ended. These
financial statements are the responsibility of the Company's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Hartford Life Insurance
Company Separate Account One as of December 31, 1994, the results of its
operations for the year then ended and the changes in its net assets for each of
the two years in the period then ended in conformity with generally accepted
accounting principles.
Hartford, Connecticut
February 10, 1995 Arthur Andersen LLP
27
<PAGE>
SEPARATE ACCOUNT ONE
HARTFORD LIFE INSURANCE COMPANY
STATEMENT OF ASSETS & LIABILITIES
DECEMBER 31, 1994
<TABLE>
<CAPTION>
MONEY
BOND FUND STOCK FUND MARKET FUND
SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT
--------------- ------------ -----------
<S> <C> <C> <C>
ASSETS:
Investments:
Hartford Bond Fund, Inc.
Shares 1,609,459
Cost $ 1,594,953
Market Value................... $1,490,391 -- --
Hartford Stock Fund, Inc.
Shares 1,332,445
Cost $ 3,155,902
Market Value................... -- $3,732,792 --
HVA Money Market Fund, Inc.
Shares 3,076,986
Cost $ 3,076,986
Market Value................... -- -- $3,076,986
Hartford Advisers Fund, Inc.
Shares 8,744,694
Cost $11,289,464
Market Value................... -- -- --
Hartford Aggressive Growth Fund,
Inc.
Shares 1,955,419
Cost $ 3,735,624
Market Value................... -- -- --
Hartford Mortgage Securities
Fund, Inc.
Shares 3,386,099
Cost $ 3,655,473
Market Value................... -- -- --
Hartford Index Fund, Inc.
Shares 115,186
Cost $ 134,234
Market Value................... -- -- --
Due from Hartford Life Insurance
Company........................ 86,241 747 14,277
Receivable from fund shares
sold........................... -- -- --
--------------- ------------ -----------
Total Assets..................... $1,576,632 3,733,539 3,091,263
--------------- ------------ -----------
LIABILITIES:
Due to Hartford Life Insurance
Company........................ -- -- --
Payable for fund shares
purchased...................... 86,241 747 16,967
--------------- ------------ -----------
Total Liabilities................ 86,241 747 16,967
--------------- ------------ -----------
Net Assets (variable life
insurance contract liabilities) $1,490,391 $3,732,792 $3,074,296
--------------- ------------ -----------
--------------- ------------ -----------
Units Owned by Participants........ 846,268 1,531,788 1,968,023
Unit Price......................... $ 1.761134 $ 2.436886 $ 1.562124
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
20
<PAGE>
<TABLE>
<CAPTION>
MORTGAGE
AGGRESSIVE SECURITIES
ADVISERS FUND GROWTH FUND FUND INDEX FUND
SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT
------------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
ASSETS:
Investments:
Hartford Bond Fund, Inc.
Shares 1,609,459
Cost $ 1,594,953
Market Value................... -- -- -- --
Hartford Stock Fund, Inc.
Shares 1,332,445
Cost $ 3,155,902
Market Value................... -- -- -- --
HVA Money Market Fund, Inc.
Shares 3,076,986
Cost $ 3,076,986
Market Value................... -- -- -- --
Hartford Advisers Fund, Inc.
Shares 8,744,694
Cost $11,289,464
Market Value................... $13,995,707 -- -- --
Hartford Aggressive Growth Fund,
Inc.
Shares 1,955,419
Cost $ 3,735,624
Market Value................... -- $5,592,265 -- --
Hartford Mortgage Securities
Fund, Inc.
Shares 3,386,099
Cost $ 3,655,473
Market Value................... -- -- $3,333,208 --
Hartford Index Fund, Inc.
Shares 115,186
Cost $ 134,234
Market Value................... -- -- -- $ 175,336
Due from Hartford Life Insurance
Company........................ -- 1,271 610 --
Receivable from fund shares
sold........................... 1,940 -- -- 24,650
------------- -------------- ------------- -----------
Total Assets..................... 13,997,647 5,593,536 3,333,818 199,986
------------- -------------- ------------- -----------
LIABILITIES:
Due to Hartford Life Insurance
Company........................ 1,939 -- -- 24,650
Payable for fund shares
purchased...................... -- 1,363 3,638 --
--------------- ------------ ----------- -----------
Total Liabilities................ 1,939 1,363 3,638 24,650
--------------- ------------ ----------- -----------
Net Assets (variable life
insurance contract liabilities) $13,995,708 $5,592,173 $3,330,180 $ 175,336
--------------- ------------ ----------- -----------
--------------- ------------ ----------- -----------
Units Owned by Participants........ 6,327,677 1,870,266 1,871,037 97,506
Unit Price......................... $ 2.211824 $ 2.990042 $ 1.779858 $1.798204
</TABLE>
21
<PAGE>
SEPARATE ACCOUNT ONE
HARTFORD LIFE INSURANCE COMPANY
STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 1994
<TABLE>
<CAPTION>
MONEY
MARKET
BOND FUND STOCK FUND FUND
SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT
--------------- ------------ ----------
<S> <C> <C> <C>
INVESTMENT INCOME:
Dividends........................ $ 98,971 $ 80,573 $118,083
EXPENSES:
Mortality and expense
undertakings................... (14,547) (34,076) (27,257)
--------------- ------------ ----------
Net investment income (loss)... 84,424 46,497 90,826
--------------- ------------ ----------
Capital gains income............. 34,954 236,643 --
--------------- ------------ ----------
NET REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS:
Net realized gain (loss) on
security transactions.......... (2,033) (20,713) --
Net unrealized appreciation
(depreciation) of investments
during the period.............. (201,856) (385,338) --
--------------- ------------ ----------
Net gains (losses) on
investments.................. (203,889) (406,051) --
--------------- ------------ ----------
Net increase (decrease) in net
assets resulting from
operations................... $ (84,511) $(122,911) $ 90,826
--------------- ------------ ----------
--------------- ------------ ----------
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
22
<PAGE>
<TABLE>
<CAPTION>
MORTGAGE
AGGRESSIVE SECURITIES
ADVISERS FUND GROWTH FUND FUND INDEX FUND
SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT
------------- --------------- ------------ -------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
Dividends........................ $ 477,325 $ 21,435 $ 238,675 $ 5,060
EXPENSES:
Mortality and expense
undertakings................... (131,503) (49,731) (32,249) (1,856)
------------- --------------- ------------ -------------
Net investment income (loss)... 345,822 (28,296) 206,426 3,204
------------- --------------- ------------ -------------
Capital gains income............. 453,826 485,588 16,717 --
------------- --------------- ------------ -------------
NET REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS:
Net realized gain (loss) on
security transactions.......... (25,086) 6,972 (7,377) 3,219
Net unrealized appreciation
(depreciation) of investments
during the period.............. (1,318,233) (363,873) (310,572) (4,499)
------------- --------------- ------------ -------------
Net gains (losses) on
investments.................. (1,343,319) (356,901) (317,949) (1,280)
------------- --------------- ------------ -------------
Net increase (decrease) in net
assets resulting from
operations................... $ (543,671) $ 100,391 $ (94,806) $ 1,924
------------- --------------- ------------ -------------
------------- --------------- ------------ -------------
</TABLE>
23
<PAGE>
SEPARATE ACCOUNT ONE
HARTFORD LIFE INSURANCE COMPANY
STATEMENT OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 1994
<TABLE>
<CAPTION>
MONEY
BOND FUND STOCK FUND MARKET FUND
SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT
--------------- ------------- ------------
<S> <C> <C> <C>
OPERATIONS:
Net investment income
(loss)....................... $ 84,424 $ 46,497 $ 90,826
Capital gains income........... 34,954 236,643 --
Net realized gain (loss) on
security transactions........ (2,033) (20,713) --
Net unrealized appreciation
(depreciation) of investments
during the period............ (201,856) (385,338) --
--------------- ------------- ------------
Net increase (decrease) in
net assets resulting from
operations................... (84,511) (122,911) 90,826
--------------- ------------- ------------
UNIT TRANSACTIONS:
Net transfers.................. (219,456) 107,279 264,281
Surrenders..................... (26,377) (86,467) (230,770)
Loan withdrawals............... (74,506) (63,052) (29,062)
Cost of Insurance.............. (24,983) (43,091) (47,718)
--------------- ------------- ------------
Net increase (decrease) in
net assets resulting from
unit transactions............ (345,322) (85,331) (43,269)
--------------- ------------- ------------
Total increase (decrease) in
net assets................... (429,833) (208,242) 47,557
NET ASSETS:
Beginning of period............ 1,920,224 3,941,034 3,026,739
--------------- ------------- ------------
End of period.................. $1,490,391 $3,732,792 $3,074,296
--------------- ------------- ------------
--------------- ------------- ------------
HARTFORD LIFE INSURANCE COMPANY
STATEMENT OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 1993
<CAPTION>
MONEY
BOND FUND STOCK FUND MARKET FUND
SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT
--------------- ------------ ------------
<S> <C> <C> <C>
OPERATIONS:
Net investment income
(loss)....................... $ 126,708 $ 95,738 $ 58,357
Capital gains income........... 1,935 209,963 --
Net realized gain (loss) on
security transactions........ 5,021 19,932 --
Net unrealized appreciation
(depreciation) of investments
during the period............ 35,813 156,912 --
--------------- ------------- ------------
Net increase (decrease) in
net assets resulting from
operations................... 169,477 482,545 58,357
--------------- ------------- ------------
UNIT TRANSACTIONS:
Net transfers.................. 32,877 (18,193) (101,090)
Surrenders..................... (626) (288,946) (225,284)
Loan withdrawals............... (46,836) (116,781) (87,580)
Cost of Insurance.............. (26,302) (43,728) (49,167)
--------------- ------------- ------------
Net increase (decrease) in
net assets resulting from
unit transactions............ (40,887) (467,648) (463,121)
--------------- ------------- ------------
Total increase (decrease) in
net assets................... 128,590 14,897 (404,764)
NET ASSETS:
Beginning of period............ 1,791,634 3,926,137 3,431,503
--------------- ------------- ------------
End of period.................. $1,920,224 $3,941,034 $3,026,739
--------------- ------------- ------------
--------------- ------------- ------------
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
24
<PAGE>
SEPARATE ACCOUNT ONE
HARTFORD LIFE INSURANCE COMPANY
STATEMENT OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 1994
<TABLE>
<CAPTION>
MORTGAGE
AGGRESSIVE SECURITIES
ADVISERS FUND GROWTH FUND FUND INDEX FUND
SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT
------------- ------------- ------------- ------------
<S> <C> <C> <C> <C>
OPERATIONS:
Net investment income
(loss)....................... $ 345,822 $ (28,296) $ 206,426 $ 3,204
Capital gains income........... 453,826 485,588 16,717 --
Net realized gain (loss) on
security transactions........ (25,086) 6,972 (7,377) 3,219
Net unrealized appreciation
(depreciation) of investments
during the period............ (1,318,233) (363,873) (310,572) (4,499)
--------------- ------------- ------------ ------------
Net increase (decrease) in
net assets resulting from
operations................... (543,671) 100,391 (94,806) 1,924
--------------- ------------- ------------ -----------
UNIT TRANSACTIONS:
Net transfers.................. (102,059) 35,545 (55,220) (30,371)
Surrenders..................... (251,306) (22,032) (119,281) (6,692)
Loan withdrawals............... (125,220) (84,214) (162,353) --
Cost of Insurance.............. (208,377) (46,505) (50,108) (3,635)
--------------- ------------- ------------ ------------
Net increase (decrease) in
net assets resulting from
unit transactions............ (686,962) (117,206) (386,962) (40,698)
--------------- ------------- ------------ ------------
Total increase (decrease) in
net assets................... (1,230,633) (16,815) (481,768) (38,774)
NET ASSETS:
Beginning of period............ 15,226,341 5,608,988 3,811,948 214,110
--------------- ------------- ------------ -----------
End of period.................. $13,995,708 $5,592,173 $3,330,180 $175,336
--------------- ------------- ------------ -----------
--------------- ------------- ------------ -----------
HARTFORD LIFE INSURANCE COMPANY
STATEMENT OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 1993
<CAPTION>
MORTGAGE
AGGRESSIVE SECURITIES
ADVISERS FUND GROWTH FUND FUND INDEX FUND
SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT
------------- ------------- ------------- ------------
<S> <C> <C> <C> <C>
OPERATIONS:
Net investment income
(loss)....................... $ 463,537 $ 80,030 $ 223,489 $ 2,594
Capital gains income........... 458,420 76,048 -- --
Net realized gain (loss) on
security transactions........ 71,444 48,048 14,391 687
Net unrealized appreciation
(depreciation) of investments
during the period............ 625,919 739,705 (25,886) 11,766
--------------- ------------- ------------ ------------
Net increase (decrease) in
net assets resulting from
operations................... 1,619,320 943,831 211,994 15,047
--------------- ------------- ------------ -----------
UNIT TRANSACTIONS:
Net transfers.................. (121,806) 286,850 (146,991) 68,287
Surrenders..................... (525,615) (61,796) (213,945) (354)
Loan withdrawals............... (333,609) (140,529) (77,822) (52)
Cost of Insurance.............. (203,898) (42,891) (50,815) (3,204)
--------------- ------------- ------------ ------------
Net increase (decrease) in
net assets resulting from
unit transactions............ (1,184,928) 41,634 (489,573) 64,677
--------------- ------------- ------------ ------------
Total increase (decrease) in
net assets................... 434,392 985,465 (277,579) 79,724
NET ASSETS:
Beginning of period............ 14,791,949 4,623,523 4,089,527 134,386
--------------- ------------- ------------ -----------
End of period.................. $15,226,341 $5,608,988 $3,811,948 $214,110
--------------- ------------- ------------ -----------
--------------- ------------- ------------ -----------
</TABLE>
25
<PAGE>
SEPARATE ACCOUNT ONE
HARTFORD LIFE INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1994
1. ORGANIZATION:
Separate Account One (the Account) is a separate investment account within
Hartford Life Insurance Company (the Company) and is registered with the
Securities and Exchange Commission (SEC) as a unit investment trust under
the Investment Company Act of 1940, as amended. Both the Company and the
Account are subject to supervision and regulation by the Department of
Insurance of the State of Connecticut and the SEC.
2. SIGNIFICANT ACCOUNTING POLICIES:
The following is a summary of significant accounting policies of the
Account, which are in accordance with generally accepted accounting
principles in the investment company industry:
a) SECURITY TRANSACTIONS--Security transactions are recorded on the trade
date (date the order to buy or sell is executed). Cost of investments
sold is determined on the basis of identified cost. Dividend and capital
gains income are accrued as of the ex-dividend date.
b) SECURITY VALUATION--The investment in shares of the Hartford mutual
funds are valued at the closing net asset value per share as determined
by the appropriate fund as of December 31, 1994.
c) FEDERAL INCOME TAXES--The operations of the Account form a part of, and
are taxed with, the total operations of the Company, which is taxed as
an insurance company under the Internal Revenue Code. Under current
law, no federal income taxes are payable with respect to the operations
of the Account.
3. ADMINISTRATION OF THE ACCOUNT AND RELATED CHARGES:
a) MORTALITY AND EXPENSE UNDERTAKINGS--The Company, as issuer of variable
annuity contracts, provides the mortality and expense undertakings and,
with respect to the Account, receives an annual fee of 0.90% of
the Account's average daily net assets.
b) DEDUCTION OF OTHER FEES--In accordance with the terms of the contracts,
the Company makes deductions for the cost of insurance, administrative
fees, and state premium taxes. These charges are deducted through
termination of units of interest from applicable contract owners'
accounts.
26
<PAGE>
-48-
UNDERTAKING TO FILE REPORTS
Subject to the terms and conditions of Section 15(d) of the Securities Exchange
Act of 1934, the undersigned registrant hereby undertakes to file with the
Securities and Exchange Commission such supplementary and periodic information,
documents, and reports as may be prescribed by any rule or regulation of the
Commission heretofore or hereafter duly adopted pursuant to authority conferred
in that section.
UNDERTAKING ON INDEMNIFICATION
Article VIII of the By Laws of Hartford Life Insurance Company, a Connecticut
corporation, provides for indemnification of its officers, directors and
employees to the extent consistent with statutory requirements.
Connecticut General Laws Section 33-320a provides for indemnification of
officers, directors and employees of a corporation as follows:
b) Except as otherwise provided in this section, a corporation shall
indemnify any person made a party to any proceeding, other than an action
by or in the right of the corporation, by reason of the fact that he, or
the person whose legal representative he is, is or was a shareholder,
director, officer, employee or agent of the corporation, or an eligible
outside party, against judgments, fines, penalties, amounts paid in
settlement and reasonable expenses actually incurred by him, and the
person whose legal representative he is, in connection with such
proceeding. The corporation shall not so indemnify any such person
unless (1) such person, and the person whose legal representative he is,
was successful on the merits in the defense of any proceeding referred to
in this subsection, or (2) it shall be concluded as provided in
subsection (d) of this section that such person, and the person whose
legal representative he is, acted in good faith and in a manner he
reasonably believed to be in the best interests of the corporation or, in
the case of a person serving as a fiduciary of an employee benefit plan
or trust, either in the best interests of the corporation or in the best
interests of the participants and beneficiaries of such employee benefit
plan or trust and consistent with the provisions of such employee benefit
plan or trust and, with respect to any criminal action or proceeding,
that he had no reasonable cause to believe his conduct was unlawful, or
(3) the court, on application as provided in subsection (e) of this
section, shall have determined that in view of all the circumstances such
person is fairly and reasonably entitled to be indemnified, and then for
such amount as the court shall determine; except that, in connection with
an alleged claim based upon his purchase or sale of securities of the
corporation or of another enterprise, which he serves or served at the
request of the corporation, the corporation shall only indemnify such
person after the court shall have determined, on application as proided
in subsection (e) of this section, that in view of all the circumstances
such person is fairly and reasonably entitled to be indemnified, and then
for such amount as the court shall determine. The termination of any
<PAGE>
-49-
proceeding by judgment, order, settlement, conviction or upon a plea of
nolo contendere or its equivalent shall not, of itself, create a
presumption that the person did not act in good faith or in a manner
which he did not reasonably believe to be in the best interests of the
corporation or of the participants and beneficiaries of such employee
benefit plan or trust and consistent with the provisions of such employee
benefit plan or trust, or, with respect to any criminal action or
proceeding, that he had reasonable cause to believe that his conduct was
unlawful.
(c) Except as otherwise provided in this section, a corporation shall
indemnify any person made a party to any proceeding, by or in the right
of the corporation, to procure a judgment in its favor by reason of the
fact that he, or the person whose legal representative he is, is or was a
shareholder, director, officer, employee or agent of the corporation, or
an eligible outside party, against reasonable expenses actually incurred
by him in connection with such proceeding in relation to matters as to
which such person, or the person whose legal representative he is, is
finally adjudged not to have breached his duty to the corporation, or
where the court, on application as provided in subsection (e) of this
section, shall have determined that in view of all the circumstances such
person is fairly and reasonably entitled to be indemnified, and then for
such amount as the court shall determine. The corporation shall not so
indemnify any such person for amounts paid to the corporation, to a
plaintiff or to counsel for a plaintiff in settling or otherwise
disposing of a proceeding, with or without court approval; or for
expenses incurred in defending a proceeding which is settled or otherwise
disposed of without court approval.
(d) The conclusion provided for in subsection (b) of this section may be
reached by any one of the following: (1) The board of directors of the
corporation by a consent in writing signed by a majority of those
directors who were not parties to such proceeding; (2) independent legal
counsel selected by a consent in writing signed by a majority of those
directors who were not parties to such proceeding; (3) in the case of any
employee or agent who is not an officer or director of the corporation,
the corporation's general counsel; or (4) the shareholders of the
corporation by the affirmative vote of at least a majority of the voting
power of shares not owned by parties to such proceeding, represented at
an annual or special meeting of shareholders, duly called with notice of
such purpose stated. Such person shall also be entitled to apply to a
court for such conclusion, upon application as provided in subsection
(e), even though the conclusion reached by any of the foregoing shall
have been adverse to him or to the person whose legal representative he
is.
(e) Where an application for indemnification or for a conclusion as provided
in this section is made to a court, it shall be made to the court in
which the proceeding is pending or to the superior court for the judicial
district where the principal office of the corporation is located. The
application shall be made in such manner and form as may be required by
the applicable rules of the court or, in the absence thereof, by
direction of the court. The court may also direct the notice be given in
such manner as it may require at the expense of the corporation to the
<PAGE>
-50-
shareholders of the corporation and to such other persons as the court
may designate. In the case of an application to a court in which a
proceeding is pending in which the person seeking indemnification is a
party by reason of the fact that he, or the person whose legal
representative he is, is or was serving at the request of the corporation
as a director, partner, trustee, officer, employee or agent of another
enterprise, or as a fiduciary of an employee benefit plan or trust
maintained for the benefit of employees of any other enterprise,
timely notice of such application shall be given by such person to the
corporation.
(f) Expenses which may be indemnifiable under this section incurred in
defending a proceeding may be paid by the corporation in advance of the
final disposition of such proceeding as authorized by the board of
directors upon agreement by or on behalf of the shareholder, director,
officer, employee, agent or eligible outside party, or his legal
representative, to repay such amount if he is later found not entitled to
be indemnified by the corporation as authorized in this section.
(g) A corporation shall not indemnify any shareholder, director, officer,
employee, agent or eligible outside party, other than a shareholder,
director, officer, employee, agent or eligible outside party who is or
was serving at the request of the corporation as a director, officer,
partner, trustee, employee or agent of another enterprise, against
judgments, fines, penalties, amounts paid in settlement and expenses to
an extent either greater or less than that authorized in this section.
No provision made a part of the certificate or incorporation, the bylaws,
a resolution or shareholders or directors, an agreement, or otherwise on
or after October 1, 1982, shall be valid unless consistent with this
section. Notwithstanding the foregoing, the corporation may procure
insurance providing greater indemnification and may share the premium
cost with any shareholder, director, officer, employee, agent or eligible
outside party on such basis as may be agreed upon. The rights and
remedies provided in this section shall be exclusive."
The registrant hereby undertakes that insofar as indemnification for liability
arising under the Securities Act of 1933 (the "Act") may be permitted to
directors, officers and controlling persons of the registrant, pursuant to the
foregoing provisions, or otherwise, the registrant has been advised that in the
opinion of the Securities and Exchange Commission such indemnification is
against public policy as expressed in the Act and is, therefore, unenforceable.
In the event that a claim for indemnification against such liabilities (other
than the payment by the registrant of expenses incurred or paid by a director,
officer or controlling person of the registrant in the successful defense of any
action, suit or proceeding) is asserted by such director, officer or controlling
person in connection with the securities being registered, the registrant will,
unless in the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the Act and
will be governed by the final adjudication of such issue.
<PAGE>
-51-
Part II
CONTENTS OF REGISTRATION STATEMENT
This Registration Statement comprises the following papers and documents:
The facing sheet.
The Prospectus consisting of ____ pages.
The undertaking to file reports.
The Rule 484 undertaking.
The signatures.
Written consents of the following persons:
(a) Arthur Andersen LLP, Independent Certified Public Accountants
(b) Not applicable.
The following exhibits:
1. The following exhibits included herewith correspond to those required
by paragraph A of the instructions for exhibits to Form N-8B-2.
A. (1) Resolution of Board of Directors of the Company authorizing
the Separate Account is incorporated herein by reference to
Exhibit A.(l) of this Registration Statement.
(2) Not Applicable.
(3)(c) Not Applicable.
(4) Not Applicable.
(5) Form of Flexible Premium Variable Life Insurance Contract is
incorporated herein by reference to Exhibit A.(5) of
Amendment No. 15 to this Registration Statement.
(6)(a) Charter of Hartford Life Insurance Company is incorporated
herein by reference to Exhibit A.(6)(a) of this Registration
Statement.
(6)(b) Bylaws of Hartford Life Insurance Company are incorporated
herein by reference to Exhibit A.(6)(b) of this Registration
Statement.
<PAGE>
-52-
(7) Not Applicable.
(8) Not Applicable.
(9) Not Applicable.
(10) Form of Application for Flexible Premium Variable Life
Insurance Contracts is incorporated herein by reference to
Exhibit A.(10) of Amendment No. 15 to this Registration
Statement.
2. See Exhibit 1. A.(5) above.
3. (a) Not applicable.
(b) Not applicable.
4. No financial statement will be omitted from the Prospectus pursuant to
Instruction 1(b) or (c) of Part I.
5. Not Applicable.
6. Representation pursuant to 6e-3(T)(b)(13)(iii)(F) is filed herewith as
Exhibit 6 of this Post-Effective Amendment.
Builder/2-98140
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the Investment
Company Act of 1940, the Registrant certifies that it meets all of the
requirements pursuant to Rule 485(b) under the Securities Act of 1933 for
effectiveness of this Registration Statement and duly caused this Registration
Statement to be signed on its behalf, in the City of Hartford, and State of
Connecticut on this 14 day of April, 1995.
HARTFORD LIFE INSURANCE COMPANY-
SEPARATE ACCOUNT ONE
(Registrant)
*By: *By: /s/ Rodney J. Vessels
-------------------------------------- ---------------------
Thomas M. Marra, Senior Vice President Rodney J. Vessels
Attorney-in-Fact
HARTFORD LIFE INSURANCE COMPANY
(Depositor)
*By:
--------------------------------------
Thomas M. Marra, Senior Vice President
Pursuant to the requirements of the Securities Act of 1933, this Registration
Statement has been signed by the following persons and in the capacities and on
the dates indicated.
Donald R. Frahm, Chairman and
Chief Executive Officer, Director*
Bruce D. Gardner, General Counsel
Corporate Secretary, Director*
Joseph H. Gareau, Executive Vice
President and Chief Investment
Officer, Director*
John P. Ginnetti, Senior Vice
President, Director*
Thomas M. Marra, Senior Vice *By: /s/ Rodney J. Vessels
President, Director* --------------------
Leonard E. Odell, Jr., Senior Rodney J. Vessels
Vice President, Director* Attorney-In-Fact
Lowndes A. Smith, President,
Chief Operating Officer, Dated: April 14, 1995
Director* ----------------------
Raymond P. Welnicki, Senior Vice
President, Director*
Lizabeth H. Zlatkus, Vice President
Director*
Donald J. Znamierowski, Vice President
Comptroller, Director*
<PAGE>
HARTFORD LIFE INSURANCE COMPANY AND SUBSIDIARIES
SCHEDULE I - SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENTS IN AFFILIATES
DECEMBER 31, 1994
(IN MILLIONS)
<TABLE>
<CAPTION>
AMOUNT
SHOWN ON
BALANCE
TYPE OF INVESTMENT COST FAIR VALUE SHEET
------------------ ---------- ---------- ----------
<S> <C> <C> <C>
FIXED MATURITIES
Bonds
U.S. Government and government agencies
and authorities:
- guaranteed and sponsored $ 1,516 $ 1,429 $ 1,429
- guaranteed and sponsored - asset backed 4,256 3,763 3,763
States, municipalities and political subdivisions 148 137 137
International governments 189 176 176
Public utilities 531 500 500
All other corporate 3,717 3,458 3,458
All other corporate - asset backed 2,442 2,350 2,350
Short-term investments 1,665 1,616 1,616
------ ------ ------
TOTAL FIXED MATURITIES 14,464 13,429 13,429
EQUITY SECURITIES
Common Stocks - industrial, miscellaneous and all other 76 68 68
------ ------ ------
TOTAL FIXED MATURITIES AND EQUITY SECURITIES 14,540 13,497 13,497
Policy loans 2,614 2,614 2,614
Mortgage loans 316 316 316
Other investments 103 109 107
------ ------ ------
TOTAL INVESTMENTS $ 17,573 $ 16,536 $ 16,534
------ ------ ------
------ ------ ------
</TABLE>
Note: Fair values for stocks and bonds approximate those quotations published
by applicable stock exchanges or are received from other reliable
sources. The fair value for short - term investments approximates
cost.
Policy and mortgage loan carrying amounts approximate fair value.
S-1
<PAGE>
HARTFORD LIFE INSURANCE COMPANY AND SUBSIDIARIES
SCHEDULE III - SUPPLEMENTARY INSURANCE INFORMATION
(IN MILLIONS)
<TABLE>
<CAPTION>
BENEFITS, AMORTIZ-
CLAIMS ATION OF
AND CLAIM DEFERRED
DEFERRED FUTURE OTHER PREMIUMS NET ADJUST- POLICY OTHER
POLICY POLICY POLICYHOL- AND OTHER INVESTMENT MENT ACQUISI- INSURANCE
ACQUISITION BENEFITS DER FUNDS CONSIDERA- INCOME EXPENSES TION EXPENSES
SEGMENT COSTS * * TIONS (1) (2) COSTS (3)
- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Year ended
December 31,
1994
- --------------
ILAD $ 1,708 $ 582 $ 4,257 $ 492 $ 199 $ 334 $ 137 $ 80
AMS 101 845 10,160 39 750 695 8 48
SPECIALTY 0 463 6,911 569 350 376 0 518
----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
$ 1,809 $ 1,890 $ 21,328 $ 1,100 $ 1,299 $ 1,405 $ 145 $ 646
----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
Year ended
December 31,
1993
- --------------
ILAD $ 1,237 $ 428 $ 3,535 $ 423 $ 172 $ 249 $ 97 $ 120
AMS 97 703 9,026 35 759 662 16 45
SPECIALTY 0 528 5,673 289 136 135 0 272
----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
$ 1,334 $ 1,659 $ 18,234 $ 747 $ 1,067 $ 1,046 $ 113 $ 437
----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
Year ended
December 31,
1992
- -------------
ILAD $ 698 $ 1,115 $ 1,004 $ 178 $ 127 $ 104 $ 49 $ 79
AMS 101 583 8,256 27 743 657 6 51
SPECIALTY 0 46 5,822 54 42 36 0 55
----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
$ 799 $ 1,744 $ 15,082 $ 259 $ 912 $ 797 $ 55 $ 185
----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
<FN>
(*) As Restated
(1) Investment income is allocated to the segments based on each segment's
share of investable funds or on a direct basis, where applicable, including
realized capital gains and losses.
(2) Benefits, claims and claim adjustment expenses includes the increase in
liability for future policy benefits and death, disability and other
contract benefit payments.
(3) Other insurance expenses are allocated to the segments based on specific
identification, where possible, and related activities, including dividends
to policyholders.
</TABLE>
S-2
<PAGE>
HARTFORD LIFE INSURANCE COMPANY AND SUBSIDIARIES
SCHEDULE IV - REINSURANCE
(IN MILLIONS)
<TABLE>
<CAPTION>
PERCENTAGE
CEDED TO ASSUMED OF AMOUNT
GROSS OTHER FROM OTHER NET ASSUMED
AMOUNT COMPANIES COMPANIES AMOUNT TO NET
--------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
YEAR ENDED DECEMBER 31, 1994
LIFE INSURANCE IN FORCE $ 136,929 $ 87,553 $ 35,016 $ 84,392 41.5%
--------- --------- --------- ---------
Premiums and other considerations
ILAD $ 448 $ 71 $ 106 $ 483 22.0%
AMS 39 0 0 39 0.0%
Specialty 521 140 188 569 33.0%
Accident and Health 308 304 5 9 55.6%
--------- --------- --------- ---------
TOTAL $ 1,316 515 299 1,100 27.2%
--------- --------- --------- ---------
--------- --------- --------- ---------
YEAR ENDED DECEMBER 31, 1993
LIFE INSURANCE IN FORCE $ 93,099 $ 71,415 $ 27,067 $ 48,751 55.5%
--------- --------- --------- ---------
Premiums and other considerations
ILAD $ 417 $ 85 $ 91 $ 423 21.5%
AMS 25 0 0 25 0.0%
Specialty 386 97 0 289 0.0%
Accident and Health 307 299 2 10 20.0%
--------- --------- --------- ---------
TOTAL $ 1,135 $ 481 $ 93 $ 747 12.4%
--------- --------- --------- ---------
--------- --------- --------- ---------
YEAR ENDED DECEMBER 31, 1992
LIFE INSURANCE IN FORCE $ 44,661 $ 64,207 $ 51,430 $ 31,884 161.3%
--------- ---------
Premiums and other considerations
ILAD $ 208 $ 71 $ 27 $ 164 16.5%
AMS 27 0 0 27 0.0%
Specialty 153 99 0 54 0.0%
Accident and Health 292 281 3 14 21.4%
--------- --------- --------- ---------
TOTAL $ 680 $ 451 $ 30 $ 259 37.9%
--------- --------- --------- ---------
--------- --------- --------- ---------
</TABLE>
S-3
<PAGE>
HARTFORD LIFE INSURANCE COMPANY
CONSENT
The undersigned, being all of the Directors of Hartford Life Insurance
Company, hereby consent to the following resolution, such action to have the
same force and effect as if taken at a meeting duly called and held for such
purpose:
RESOLVED, that Hartford Life Insurance Company is hereby authorized
to establish a separate account in accordance with state insurance laws
and to issue variable life insurance contracts with reserves for such
contracts being segregated in such separate account.
FURTHER RESOLVED, that the officers of Hartford Life Insurance
Company are hereby authorized to:
(1) Designate said separate account as may be necessary or
convenient; and to register such separate account and the
variable life insurance contracts authorized hereby under such
federal securities laws as is deemed appropriate; and
(2) Invest up to $100,000 in the separate account established hereby
as may be deemed necessary or appropriate to comply with
requirements of applicable law; and
(3) Do any act necessary to carry out the purposes of the
foregoing resolution.
/s/ Edward N. Bennett /s/ John G. Shillestad
- ------------------------------- --------------------------------
Edward N. Bennett John G. Shillestad
/s/ William M. Griffin /s/ Lowndes A. Smith
- ------------------------------- --------------------------------
William M. Griffin Lowndes A. Smith
/s/ Larry K. Lance /s/ Donald R. Sondergeld
- ------------------------------- --------------------------------
Larry K. Lance Donald R. Sondergeld
/s/ R. Fred Richardson /s/ DeRoy C. Thomas
- ------------------------------- --------------------------------
R. Fred Richardson DeRoy C. Thomas
Dated: May 20, 1985
<PAGE>
Exhibit 1.A.(5)
Hartford Life Insurance Company
Hartford, Connecticut
(A stock insurance company)
Will pay the Death Proceeds to the
Beneficiary upon receipt at our Office
in Hartford, Connecticut of due proof
of the insured's death while this contract
was in force.
Signed for the Company
/s/ John P. Ginnetti
John P. Ginnetti, SECRETARY
/s/ R. Fred Richardson
R. Fred Richardson, PRESIDENT
READ YOUR POLICY CAREFULLY
This is a legal contract between you and us.
RIGHT TO CANCEL
We want you to be satisfied with the contract you have purchased. We urge you
to examine it closely. If, for any reason, you are not satisfied, you may
return the contract to us or to the agent from whom it was purchased within ten
days after you received it and it will be cancelled. In the event a Securities
and Exchange Commission rule requires a longer cancellation period (as described
in your prospectus), the specified 10 day period will be appropriately
increased. If the contract is cancelled, we will pay you an amount equal to the
greater of: (1) the initial premium paid; or (2) the Cash Value of the contract
on the date we receive the returned contract plus any contract charges which may
have been deducted.
Insurance Payable at Death
Flexible Premium Payments
Non-Participating
THE DEATH PROCEEDS AND CASH VALUES
PROVIDED BY THIS CONTRACT ARE BASED
ON THE INVESTMENT EXPERIENCE OF A SEPARATE
ACCOUNT. THEY ARE VARIABLE AND NOT
GUARANTEED AS TO FIXED DOLLAR AMOUNT.
SEE PAGE 6 FOR A DESCRIPTION OF THE
DEATH BENEFIT.
FLEXIBLE PREMIUM
VARIABLE
LIFE CONTRACT
<PAGE>
TABLE OF CONTENTS
Page
Contract Specifications 3
Definitions 5
Death Benefit 6
Premiums 7
Insurance Continuation 7
Cash Value 8
Deduction Amount 8
Valuation Provisions 8
Surrender 10
Contract Loans 10
Ownership and Beneficiary 11
The Contract 11
Income Settlement Options
and any Riders follow Page 13
<PAGE>
CONTRACT SPECIFICATIONS
INITIAL PREMIUM INSURED
DATE OF ISSUE INITIAL DEATH BENEFIT
MONTHLY ANNIVERSARY DAY CONTRACT DATE
MATURITY DATE CONTRACT NUMBER
REINSTATEMENT PREMIUM PLAN FLEXIBLE PREMIUM VARIABLE LIFE
GREATER OF $5000 OR 75% OF
ATTAINED AGE GUIDELINE SINGLE LOAN ACCOUNT A - 6% PER YEAR
PREMIUM AS DEFINED BY THE MAXIMUM INTEREST RATE IN ARREARS
INTERNAL REVENUE CODE
LOAN ACCOUNT B 8% PER YEAR
MAXIMUM INTEREST RATE IN ARREARS
OWNER
BENEFICIARY AS SPECIFIED IN APPLICATION
- -------------------------------------------------------------------------------
DEFERRED EXPENSE CHARGE
UPON SURRENDER OF THE CONTRACT DURING THE FIRST 10 CONTRACT YEARS, A CHARGE WILL
BE EFFECTIVE. THIS CHARGE IS A PERCENTAGE OF PREMIUMS PAID. THE PERCENTAGE
EQUALS 5% IN CONTRACT YEARS 1 THROUGH 5, THEREAFTER IT DECLINES 1/12 OF 1% ON
EACH SUCCESSIVE MONTHLY ANNIVERSARY DAY UNTIL REACHING 0% FOR THE 120TH AND
LATER MONTHLY ANNIVERSARY DAYS.
- -------------------------------------------------------------------------------
PREMIUM TAX CHARGE
A PREMIUM TAX CHARGE WILL BE DEDUCTED ON A PRO-RATA BASIS FROM AMOUNTS IN EACH
SUB-ACCOUNT. THE CHARGE FOR THIS POLICY EQUALS 2.5% OF PREMIUMS PAID.
- -------------------------------------------------------------------------------
ADMINISTRATIVE CHARGES
AN ADMINISTRATIVE CHARGE WILL BE DEDUCTED ON A PRO-RATA BASIS FROM AMOUNTS IN
EACH SUB-ACCOUNT. DURING THE FIRST CONTRACT YEAR THE MONTHLY CHARGE WILL BE
DEDUCTED ON THE FIRST 11 MONTHLY ANNIVERSARY DAYS IN AN AMOUNT EQUAL TO $.2273
PER THOUSAND OF INITIAL DEATH BENEFIT SUBJECT TO A MINIMUM CHARGE OF $9.09 AND A
MAXIMUM CHARGE OF $45.45.
FOR CONTRACT YEARS 2 AND BEYOND, THE MONTHLY CHARGE WILL EQUAL $6.25 ON EACH
MONTHLY ANNIVERSARY DAY.
- -------------------------------------------------------------------------------
TRANSFER CHARGE
A CHARGE OF $15 WILL BE DEDUCTED FROM THE TOTAL AMOUNT TRANSFERRED.
NOTE: IT IS POSSIBLE THAT COVERAGE WILL EXPIRE PRIOR TO THE MATURITY DATE SHOWN
WHERE PREMIUMS AND INVESTMENT EXPERIENCE ARE INSUFFICIENT TO CONTINUE COVERAGE
TO SUCH DATE. COVERAGE MAY ALSO BE AFFECTED BY CHANGES IN COST OF INSURANCE
RATES.
PAGE 3
<PAGE>
CONTRACT SPECIFICATIONS (continued)
INSURANCE CLASS STANDARD INSURED NATHAN HALE
AGE 35 INITIAL DEATH BENEFIT $115,560
DATE OF ISSUE 7-1-85 CONTRACT NUMBER 012345
- -------------------------------------------------------------------------------
DESCRIPTION OF BENEFITS
FORM NUMBERS FLEXIBLE PREMIUM VARIABLE LIFE INSURANCE
HL-
11200, 11261
11191, 11192
11193, 11194
11195, 11196
- -------------------------------------------------------------------------------
AVAILABLE SUB-ACCOUNTS
THE INITIAL PREMIUM PAYMENT WILL BE PLACED IN THE MONEY MARKET FUND DURING THE
"RIGHT TO CANCEL" PERIOD. ONCE THAT PERIOD HAS EXPIRED, THE ACCUMULATION UNITS
IN THE MONEY MARKET FUND WILL BE TRANSFERRED (AT NO CHARGE) TO THE FUNDS
SPECIFIED IN YOUR APPLICATION.
ACCOUNT BASED ON
FIXED INCOME FUND SUB ACCOUNT HVA FIXED INCOME FUND, INC.
STOCK FUND SUB ACCOUNT HVA STOCK FUND, INC.
MONEY MARKET FUND SUB ACCOUNT HVA MONEY MARKET FUND, INC.
ADVISERS FUND SUB ACCOUNT HVA ADVISERS FUND, INC.
GOVERNMENT SECURITIES FUND SUB ACCOUNT HVA GOVERNMENT SECURITIES FUND, INC.
AGGRESSIVE GROWTH FUND SUB ACCOUNT HVA AGGRESSIVE GROWTH FUND, INC.
GNMA FUND SUB ACCOUNT HVA GNMA FUND, INC.
OR OTHER FUNDS AS MAY BE MADE AVAILABLE FROM TIME TO TIME.
- -------------------------------------------------------------------------------
PAGE 3 (continued)
<PAGE>
DEFINITIONS The definitions in this section apply to the following words and
phrases whenever and wherever they appear in this Contract.
WE, US, OUR: The Hartford Life Insurance Company.
YOU, YOUR: the Owner of this Contract.
THE INSURED: the person whose life is insured under this
Contract as shown on Page 3.
AGE: the insured's age at the insured's birthday nearest the
Contract Anniversary.
IN WRITING: in a written form satisfactory to us and filed at
our office in Hartford, Connecticut. All correspondence with us
should be sent to our office at Hartford Plaza, Hartford,
Connecticut 06115.
CONTRACT ANNIVERSARY: an anniversary of the Contract Date.
Similarly, Contract Years are measured from the Contract Date.
The Contract Date is shown on Page 3.
MONTHLY ANNIVERSARY DAY: the day of each month on which all
charges are deducted from the Sub-Accounts of this Contract. It
is shown on Page 3.
SEPARATE ACCOUNT: An account entitled Separate Account One which
has been established by The Hartford to separate the assets
funding the variable benefits for the class of Contracts to which
this Contract belongs from the other assets of The Hartford.
Separate Account One will have the Funds listed on Page 3 of this
Contract as its underlying investments.
SUB-ACCOUNTS: The Subdivisions of the Separate Account which are
used to determine how the Owner's Cash Value less indebtedness is
allocated among the Funds.
LOAN ACCOUNTS: One or more accounts established for any amounts
transferred from the Sub-Accounts as a result of requested loans.
These accounts are credited with fixed rates of interest and are
not based on the experience of any Separate Account. The
Accounts are described in the Loan Section of the Contract.
FUNDS: the registered management investment companies, in which
the assets of the Separate Account may be invested.
DEATH PROCEEDS: the amount which we will pay on the death of the
insured. This equals the Death Benefit as described in the Death
Benefit Section less any indebtedness due us.
INDEBTEDNESS: all outstanding loans secured by this Contract,
including any interest due or accrued.
ACCUMULATION UNIT: an accounting unit of measure used to
calculate the value of a Sub-Account.
CASH VALUE: equals the current value of the Accumulation Units
plus the value of the Loan Accounts under the Contract.
CONTRACT VALUE: the Cash Value less any applicable deferred
expense charges, any premium tax charge due and unpaid, and any
indebtedness.
COVERAGE AMOUNT: the amount of our insurance risk at any time.
The Coverage Amount is also the basis of the Monthly Deduction
Amount for the cost of insurance.
GUIDELINE PREMIUM LIMITATION: is the maximum amount of premium
which may be contributed under this Contract. It is shown on
Page 3. This limitation is based on the Internal Revenue Code,
as amended.
PREMIUM TAX CHARGE: A charge to cover the amount of tax, if any,
charged by a state or jurisdiction on premium paid. The charge
specified on Page 3 is a countrywide average of this tax.
VALUATION DAY: the date on which a Sub-Account is valued.
VALUATION PERIOD: the period of time between the close of
business on successive Valuation Days.
Page 5
<PAGE>
DEATH BENEFIT GENERAL
The Initial Death Benefit is shown on Page 3. On any day, the
Death Benefit is the greater of:
a) the Initial Death Benefit; or
b) the Cash Value on the date of death multiplied by the
appropriate percentage described below. The applicable
percentage is as follows:
If your attained Age as of the The applicable percentage will
beginning of the Contract decrease by a ratable portion
Year is: for each full year:
<TABLE>
<CAPTION>
More than: But less than: From: To:
<S> <C> <C> <C>
0 40 250 250
40 45 250 215
45 50 215 185
50 55 185 150
55 60 150 130
60 65 130 120
65 70 120 115
70 75 115 105
75 90 105 105
90 95 105 100
</TABLE>
The Death Proceeds are the amount which we will pay on the death
of the Individual. This equals the Death Benefit less any
indebtedness due us.
COVERAGE AMOUNT
The Coverage Amount on the Contract Date is equal to the Initial
Death Benefit on Page 3 less the Cash Value. The Coverage
Amount is set on the Contract Date on each Monthly Anniversary
Day. This Amount remains level until the next Monthly
Anniversary Day. It may be adjusted on Monthly Anniversary Days
by the Minimum Coverage Amount described below.
On any Monthly Anniversary Day, the Coverage Amount equals the
Initial Death Benefit less the Cash Value on that date, subject
to the Minimum Coverage Amount described below.
MINIMUM COVERAGE AMOUNT
To ensure that the Contract continues to qualify as life
insurance under the Internal Revenue Code, on any Monthly
Anniversary Day we will automatically increase the Coverage
Amount under this Contract so that the Coverage Amount will never
be allowed to reach an amount less than the applicable percentage
of the Cash Value. The applicable percentage is as follows:
If your attained Age as of the The applicable percentage will
beginning of the Contract decrease by a ratable portion
Year is: for each full year:
<TABLE>
<CAPTION>
More than: But less than: From: To:
<S> <C> <C> <C>
0 40 150 150
40 45 150 115
45 50 115 85
50 55 85 50
55 60 50 30
60 65 30 20
65 70 20 15
70 75 15 5
75 90 5 5
90 95 5 0
</TABLE>
Page 6
<PAGE>
PREMIUMS GENERAL
The Initial Premium is due on the Contract Date. No insurance is
effective until the Initial Premium is paid. The Initial Premium
is shown on Page 3.
All premiums are payable either:
a) at our office in Hartford, Connecticut; or
b) to our authorized agent in exchange for a receipt signed by
our President or Secretary and countersigned by such agent.
The Initial Premium is applied directly to the purchase of
Accumulation Units in the Sub-Account specified on Page 3.
Subsequent premiums are applied to the purchase of Accumulation
Units specified in your application or as otherwise requested by
you.
FLEXIBLE PREMIUM PAYMENTS
Subject to the Guideline Premium Limitation, we will accept
additional premiums at any time prior to the Maturity Date. The
actual amount and frequency of any payments made will affect the
Cash Value and the amount and duration of insurance provided by
this Contract.
PREMIUM LIMITATION
Within 60 days after the end of a Contract Year, we may refund
premiums in order to comply with the Guideline Premium Limitation
shown on Page 3. We may refuse to accept, or require proof of
insurability for, any premium that would cause an increase in the
Coverage Amount. We will accept, however, any premium required
to keep this Contract in force.
GRACE PERIOD
If the Contract Value on any Monthly Anniversary Day is not
sufficient to pay the monthly Deduction Amount, a grace period
will be provided. The grace period will be 61 days. During the
grace period, the payment of premium sufficient for the payment
of approximately three monthly Deduction Amounts will be
required. Written notification will be sent to your last known
address at least 61 days prior to the end of the grace period.
If sufficient premium is not paid by the end of the grace period,
the Contract will terminate without value. If the insured dies
during the grace period, we will pay the Death Proceeds, less any
unpaid Deduction Amounts.
REINSTATEMENT
This Contract may be reinstated, provided:
a) you make your request within 5 years;
b) it terminated because a grace period ended without sufficient
premium being paid;
c) evidence of insurability satisfactory to us is submitted;
d) you pay the Reinstatement Premium shown on Page 3; and
e) any Contract loans are re-paid.
The reinstated Contract will be in force from the Monthly
Anniversary Day on or following the day we approve the
application for reinstatement. The Coverage Amount of the
reinstated Contract cannot exceed the Coverage Amount at the time
of lapse. The Cash Value of this Contract upon reinstatement
will be the amount provided by the premium then paid less any
required Deduction Amount.
INSURANCE
CONTINUATION GENERAL
The Contract will continue in force until the Contract Value on
any Monthly Anniversary Day is less than the required monthly
Deduction Amount. In any case, the Contract will not continue
beyond its Maturity Date. On the Maturity Date, we will pay you
the Contract Value.
Page 7
<PAGE>
CASH VALUE GENERAL
The Cash Value on the Contract Date equals the Initial Premium
less the Cost of Insurance charge for the first Contract Month.
On each Monthly Anniversary Day, the Cash Value equals:
a) the Accumulated Value in the Sub-Accounts; plus,
b) the value of the Loan Accounts, if any; minus,
c) the appropriate monthly Deduction Amount.
On each Valuation Day (other than a Monthly Anniversary Day), the
Cash Value equals:
a) the Accumulated Value in the Sub-Accounts; plus,
b) the Value of the Loan Accounts, if any.
The Accumulated Value in any Sub-Account equals:
a) the Number of Accumulation Units on the Valuation Day;
times
b) the Accumulation Unit Value for each Sub-Account.
DEDUCTION
AMOUNT GENERAL
The Deduction Amount on the Contract Date equals the Cost of
Insurance charge for the first Contract Month.
On each subsequent Monthly Anniversary Day, the Deduction Amount
will equal:
a) a Cost of Insurance charge; plus
b) an Administrative Charge.
We will subtract sufficient Accumulation Units to provide for the
Deduction Amount on a pro-rata basis from the Accumulated Value
of the Sub-Accounts on the Contract Date and on each Monthly
Anniversary Day.
The Cost of Insurance charge for any Contract month is equal to:
a) the monthly Cost of Insurance rate per $1,000; multiplied
by,
b) the Coverage Amount on the Monthly Anniversary Day;
divided by,
c) $1,000.
The Administrative Charge for any month and the years during
which it will be charged are shown on Page 3.
COST OF INSURANCE RATE
The Cost of Insurance Rate is based on the age and the insuring
class of the Insured. A different Cost of Insurance Rate may
apply to any increase in Coverage Amount due to additional
premium payments. The Cost of Insurance Rates for the initial
Coverage Amount will not exceed those in the Table of Maximum
Monthly Cost of Insurance Rates, shown on Page 3. If an increase
in Coverage Amount is effected, a new Table of Maximum Monthly
Cost of Insurance Rates may be sent to you, if required.
Rates will be determined at the beginning of each Contract Year
based on our expectation as to future experience. Any change we
make will be on a uniform basis for Insureds of the same insuring
age and classification and whose coverage has been in force for
the same length of time. No change in classification or cost
will occur on account of deterioration of the insured's health.
VALUATION
PROVISIONS ACCUMULATION UNITS
Premiums are applied to provide Accumulation Units in each Sub-
Account selected by you. The number of Accumulation Units
credited to each Sub-Account is determined by dividing the
premium allocated to a Sub-Account by the dollar value of one
Accumulation Unit for such Sub-Account, after receipt of the
premium by us.
The number of Accumulation Units will not be affected by any
subsequent change in the value of the Units. The Accumulation
Unit Values in each Sub-Account may increase or decrease daily as
described below.
Page 8
<PAGE>
VALUATION
PROVISIONS ACCUMULATION UNIT VALUE
(Continued)
The Accumulation Unit Value for each Sub-Account will vary to
reflect the investment experience of the applicable Fund and will
be determined on each Valuation Day by multiplying the
Accumulation Unit Value of the particular Sub-Account on the
preceding Valuation Day by a Net Investment Factor for that Sub-
Account for the Valuation Period then ended. The Net Investment
Factor for each of the Sub-Accounts is equal to the net asset
value per share of the corresponding fund at the end of the
Valuation Period (plus the per share amount of any dividends or
capital gain distributions by that Fund if the dividend date
occurs in the Valuation Period then ended) divided by the net
asset value per share of the corresponding Fund at the beginning
of the Valuation Period and subtracting from that amount any
charges.
PREMIUM TAX CHARGE
The Premium Tax Charge shown on Page 3 will be deducted on the
thirteenth Monthly Anniversary Day after the receipt of any
premium payment or upon surrender of the Contract, if earlier.
TRANSFER BETWEEN SUB-ACCOUNTS
Upon request and as long as this Contract is in effect, we will
transfer all or part of the Cash Value less indebtedness from one
Sub-Account to another Sub-Account available under this Contract.
The amount which may be transferred and the number of transfers
will be limited by our rules then in effect. A Transfer Charge
as specified on Page 3 will be deducted from any amount
transferred.
In the event of a transfer, the number of Accumulation Units
credited to the Sub-Account from which the transfer is made will
be reduced. The reduction will be determined by dividing:
1. the amount transferred, before reduction by the pro rata
Transfer Charge, if any; by
2. the Accumulation Unit Value for that Sub-Account as of the
next Valuation Period after we receive your request for
transfer in writing.
We will increase the number of Accumulation Units credited to the
Sub-Account to which the transfer is being made. The increase
will equal:
1. the amount transferred after the reduction by the pro rata
transfer Charge, if any; divided by,
2. the Accumulation Unit Value for that Sub-Account
determined as of the next Valuation Period after we
receive the request at our Office.
DEFERRAL OF PAYMENTS
We may defer payment of any amounts which are based on Contract
Values which do not depend on the investment performance of a
Separate Account for up to six months from the date of the
request.
EMERGENCY PROCEDURE
If a national stock exchange is closed (except for holidays or
weekends) or trading is restricted due to an existing emergency
as defined by the Securities and Exchange Commission so that we
cannot value the Sub-Accounts, we may postpone all procedures
which require valuation of the Sub-Accounts until valuation is
possible. Any provision of this Contract which specifies a
Valuation Day will be superseded by the Emergency Procedure.
Page
<PAGE>
OWNERSHIP AND
BENEFICIARY CHANGE OF OWNER OR BENEFICIARY
The Owner and Beneficiary will be those named in the application
until you change them. To change the Owner or Beneficiary,
notify us in writing while the Insured is alive. After we
receive written notice, the change will be effective as of the
date you signed such notice, whether or not the insured is living
when we receive it. The change will be subject, however, to any
payment we made or actions we may have taken before we received
the notice.
ASSIGNMENT
You may assign this Contract. Until you notify us in writing, no
assignment will be effective against us. We are not responsible
for the validity of any assignment.
VOTING RIGHTS
We will notify you of any Fund shareholders' meetings at which
shares held for your Account may be voted. We will also send
proxy materials by which you may instruct us with respect to the
voting of the shares held for your Account. We will honor any
instructions received from you in regard to any of your Fund
shares held by us. If you wish to attend any meeting at which
shares you hold may be voted, you may request that we furnish a
proxy or otherwise arrange for the exercise of voting rights with
respect to the Fund shares held in your Account. In the event
you give no instructions or if the Investment Company Act of 1940
or any rule promulgated thereunder should be amended, or if we
determine we are permitted to vote the Fund shares, we may elect
to do so.
OWNER'S RIGHTS
While the insured is alive and no Beneficiary is irrevocably
named, you may:
a) exercise all the rights and options that this Contract
provides or that we permit;
b) assign this Contract; and
c) agree with us to any change to this Contract.
NO NAMED BENEFICIARY
If no named Beneficiary survives the Insured, then, unless this
Contract provides otherwise:
a) you will be the Beneficiary; or
b) if you are the Insured, your estate will be the Beneficiary.
THE CONTRACT ENTIRE CONTRACT
The entire Contract consists of this Contract and the
application, a copy of which is attached, and any new
applications for additional amounts of insurance (as described in
the Premium section). The Contract is made in consideration of
an application and the payment of the Initial Premium. We will
not use any statement to void this Contract or to defend a claim
under it, unless that statement is contained in an attached
written application. All statements in the application will, in
the absence of fraud, be deemed representations and not
warranties.
Page
<PAGE>
THE CONTRACT MODIFICATION
(Continued)
The only way this Contract may be modified is by a written
agreement signed by our President, or one of our Vice Presidents,
Secretaries or Assistant Secretaries.
NON-PARTICIPATION
This Contract is non-participating. It does not share in our
surplus earnings, so you will receive no dividends under it.
MISSTATEMENT OF AGE
If the age of the Insured is understated, the Coverage Amount
will be recomputed at the correct age. On the date of death the
Death Benefit will then be reduced by the difference between the
Coverage Amount at the misstated age and the Coverage Amount at
the correct age.
If the age of the Insured is overstated, the Death Benefit will
be adjusted by the return of all excess Cost of Insurance
deductions prior to the date of the Insured's death.
SUICIDE
If, within 2 years from the Date of Issue, the Insured dies by
suicide, while sane or insane, our liability will be limited to
the Cash Value less indebtedness.
If, within two years from the Date of Issue of any increase in
Coverage Amount (as described in the Premium Section of this
Contract), the Insured dies by suicide, while sane or insane, our
liability will be limited to an amount equal to the Cost of
Insurance for the increased amount only.
INCONTESTABILITY
We cannot contest this Contract after it has been in force,
during the Insured's lifetime, for 2 years from its Date of
Issue.
Any increase in Coverage Amount (as described in the Premium
Section of this contract) after the Date of Issue of this
Contract will be incontestable only after the increase has been
in force, during the Insured's lifetime, for two years from the
Date of Issue of the increase.
EXCHANGE PRIVILEGE
If this Contract is in effect, you may exchange it:
1. any time during the 24 months following its Date of Issue;
2. for a permanent life insurance contract offered by us on
the life of the Insured;
3. without evidence of insurability.
The new contract will be issued by us:
1. with a Coverage Amount which equals or is less than the
Coverage Amount in effect on the Exchange Date;
2. with premiums based on the same risk classification as
this Contract.
This exchange is subject to adjustments in payments and Cash
Values to reflect variances, if any, in the payments and Cash
Values under this Contract and the new contract.
Page
<PAGE>
THE CONTRACT SEPARATE ACCOUNTS
(Continued)
We will have exclusive and absolute ownership and control of the
assets of our Separate Accounts. The assets of a Fund will be
available to cover the liabilities of our general account only to
the extent that those assets exceed the liabilities of that
Separate Account arising under the variable life insurance
contracts supported by that Separate Account. The assets of a
Fund will be valued at least as often as any Contract benefits
vary but at least monthly. Our determination of the value of an
Accumulation Unit by the method described in this Contract will
be conclusive. The investment policy of the Separate Account
will not be changed without the approval of the Insurance
Commissioner of the State where this Contract is issued for
delivery.
MATURITY DATE
No insurance coverage will be effective after the Maturity Date.
It is the last date to which you may elect to pay premiums. If
any Contract Value remains at the Maturity Date, it will be paid
to you. It is possible that coverage may not continue to the
Maturity Date, if premiums paid and investment experience are not
sufficient to provide coverage to that date. Coverage may also
be affected by changes in the Cost of Insurance rates.
ANNUAL REPORT
We will send you a report at least once each Contract Year. The
report will contain reconciliation of any changes since the
previous report in:
a) Cash Value;
b) Contract Value;
c) premiums received;
d) investment experience; and
e) any Deductions made.
Page 13
<PAGE>
INCOME SETTLEMENT OPTIONS (Cont.)
OPTION 4 -- Payments, determined from the table below for the Option elected,
LIFE INCOME are based on the payee's age nearest birthday on the day the
first payment becomes due. The first payment will be due on the
date proceeds are applied under this Option. The Life Income
Options available are:
A) Payments only while the payee is alive.
B) Payments guaranteed for 10 years; then continuing while
the payee is alive.
<TABLE>
<CAPTION>
Monthly Payments per $1000 of Proceeds
Payee's Option 4A Option 4B Payee's Option 4A Option 4B
Age Life Only 10 Yr.Certain Age Life Only 10 Yr. Certain
<S> <C> <C> <C> <C> <C>
20 3.29 3.29 68 6.37 6.08
25 3.38 3.38 69 6.57 6.24
30 3.49 3.49 70 6.79 6.40
35 3.63 3.62 71 7.02 6.56
40 3.81 3.80 72 7.27 6.73
45 4.03 4.01 73 7.54 6.91
50 4.32 4.29 74 7.83 7.09
51 4.38 4.35 75 8.14 7.27
52 4.45 4.41 76 8.47 7.46
53 4.52 4.48 77 8.84 7.65
54 4.60 4.55 78 9.22 7.83
55 4.68 4.63 79 9.64 8.01
56 4.77 4.71 80 10.10 8.19
57 4.86 4.80 81 10.58 8.36
58 4.96 4.88 82 11.11 8.53
59 5.06 4.96 83 11.67 8.69
60 5.17 5.08 84 12.27 8.83
61 5.29 5.18 85 12.92 8.97
62 5.42 5.29 86 13.61 9.09
63 5.55 5.41 87 14.35 9.20
64 5.69 5.53 88 15.13 9.30
65 5.85 5.66 89 15.97 9.39
66 6.01 5.80 90 16.85 9.47
67 6.19 5.94
</TABLE>
Signed for the HARTFORD LIFE INSURANCE COMPANY
/s/ John P. Ginnetti /s/ R. Paul Richardson
John P. Ginnetti, SECRETARY R. Paul Richardson, Agent
<PAGE>
[LOGO THE HARTFORD]
HARTFORD LIFE INSURANCE COMPANY
HARTFORD, CONNECTICUT
(A stock insurance company)
Insurance Payable at Death
Flexible Premium Payments
Non-Participating
FLEXIBLE PREMIUM
VARIABLE
LIFE CONTRACT
<PAGE>
1.A(6)(a)
RESTATED CERTIFICATE OF INCORPORATION
HARTFORD LIFE INSURANCE COMPANY
This Restated Certificate of Incorporation gives effect to the
amendment of the Certificate of Incorporation of the corporation and otherwise
purports merely to restate all those provisions already in effect. This
Restated Certificate of Incorporation has been adopted by the Board of Directors
and by the sole shareholder.
Section 1. The name of the corporation is Hartford Life Insurance
Company and it shall have all the powers granted by the general
statutes, as now enacted or hereinafter amended to corporations formed
under the Stock Corporation Act.
Section 2. The corporation shall have the purposes and powers to
write any and all forms of insurance which any other corporation now
or hereafter chartered by Connecticut and empowered to do an
insurance business may now or hereafter may lawfully do; to accept and
to cede reinsurance; to issue policies and contracts for any kind or
combinations of kinds of insurance; to issue policies or contracts
either with or without participation in profits; to acquire and hold
any or all of the shares or other securities of any insurance
corporation; and to engage in any lawful act or activity for which
corporations may be formed under the Stock Corporation Act. The
corporation is authorized to exercise the powers herein granted in any
state, territory or jurisdiction of the United States or in any
foreign country.
Section 3. The capital with which the corporation shall commence
business shall be an amount not less than one thousand dollars. The
authorized capital shall be two million five hundred thousand dollars
divided into one thousand shares of common capital stock with a par
value of twenty-five hundred dollars each.
We hereby declare, under the penalties of false statement that the
statements made in the foregoing Certificate are true.
Dated: February 10, 1982 HARTFORD LIFE INSURANCE COMPANY
By [Signature]
-------------------------------
Attest:
/s/ William A. McMahon
- ---------------------------------------
<PAGE>
1.A.(6)(b)
By-Laws
of the
HARTFORD LIFE INSURANCE COMPANY
As passed and effective
February 13, 1978
and amended on
July 13, 1978
January 5, 1979
and
February 29, 1984
<PAGE>
ARTICLE I
Name - Home Office
Section 1. This corporation shall be named HARTFORD LIFE INSURANCE
COMPANY.
Section 2. The principal place of business and Home Office shall be
in the City of Hartford, Connecticut.
ARTICLE II
Stockholders' Meetings - Notice - Quorum - Right to Vote
Section 1. All meetings of the Stockholders shall be held at the
principal business office of the Company unless the Directors shall otherwise
provide and direct.
Section 2. The annual meeting of the Stockholders shall be held on
such day and at such hour as the Board of Directors may decide. For cause
the Board of Directors may postpone or adjourn such annual meeting to any other
time during the year.
Section 3. Special meetings of the Stockholders may be called by the
Board of Directors, the Executive Committee, the Chairman of the Board, the
President or any Vice President.
Section 4. Notice of Stockholders' meetings shall be mailed to each
Stockholder, at his address as it appears on the records of the Company, at
least seven days prior to the meeting. The notice shall state the place, date
and time of the meeting and shall specify all matters proposed to be acted upon
at the meeting.
Section 5. At each annual meeting the Stockholders shall choose
Directors as hereinafter provided.
Section 6. Each Stockholder shall be entitled to one vote for each
share of stock held by him at all meetings of the Company. Proxies may be
authorized by written power of attorney.
Section 7. Holders of one-half of the whole amount of the stock
issued and outstanding shall constitute a quorum.
<PAGE>
Section 8. Each Stockholder shall be entitled to a certificate of
stock which shall be signed by the President or a Vice President, and either the
Treasurer or an Assistant Treasurer of the Company, and shall bear the seal of
the Company, but such signatures and seal may be facsimile if permitted by the
laws of the State of Connecticut.
ARTICLE III
Directors - Meetings - Quorum
Section 1. The property, business and affairs of the Company shall be
managed by a board of not less than three nor more than twenty Directors, who
shall be chosen by ballot at each annual meeting. Vacancies occurring between
annual meetings may be filled by the Board of Directors by election. Each
Director shall hold office until the next annual meeting of Stockholders and
until his successor is chosen and qualified.
Section 2. Meetings of the Board of Directors may be called by the
direction of the Chairman of the Board, the President, or any three Directors.
Section 3. Three days' notice of meetings of the Board of Directors
shall be given to each Director, either personally or by mail or telegraph, at
his residence or usual place of business, but notice may be waived, at any time,
in writing.
Section 4. One third of the number of existing directorships, but not
less than two Directors, shall constitute a quorum.
ARTICLE IV
Election of Officers - Duties of Board of
Directors and Executive Committee
Section 1. The President shall be elected by the Board of Directors.
The Board of Directors may also elect one of its members to serve as
Chairman of the Board of Directors. The Chairman of the Board, or an individual
appointed by him, shall have authority to appoint all other officers, except as
stated herein, including one or more Vice Presidents and Assistant Vice
Presidents, the Treasurer
<PAGE>
and one or more Associate or Assistant Treasurers, one or more Secretaries and
Assistant Secretaries and such other Officers as the Chairman of the Board may
from time to time designate. All Officers of the Company shall hold office
during the pleasure of the Board of Directors. The Directors may require any
Officer of the Company to give security for the faithful performance of his
duties.
Section 2. The Directors may fill any vacancy among the officers by
election for the unexpired term.
Section 3. The Board of Directors may appoint from its own number an
Executive Committee of not less than five Directors. The Executive Committee
may exercise all powers vested in and conferred upon the Board of Directors at
any time when the Board is not in session. A majority of the members of said
Committee shall constitute a quorum.
Section 4. Meetings of the Executive Committee shall be called
whenever the Chairman of the Board, the President or a majority of its members
shall request. Forty-eight hours' notice shall be given of meetings but notice
may be waived, at any time, in writing.
Section 5. The Board of Directors shall annually appoint from its own
number a Finance Committee of not less than three Directors, whose duties shall
be as hereinafter provided.
Section 6. The Board of Directors may, at any time, appoint such
other Committees, not necessarily from its own number, as it may deem necessary
for the proper conduct of the business of the Company, which Committees shall
have only such powers and duties as are specifically assigned to them by the
Board of Directors or the Executive Committee.
Section 7. The Board of Directors may make contributions, in such
amounts as it determines to be reasonable, for public welfare or for charitable,
scientific or educational purposes, subject to the limits and restrictions
imposed by law and to such rules and regulations consistent with law as it
makes.
ARTICLE V
Officers
Chairman of the Board
Section 1. The Chairman of the Board shall preside at the meetings of
the Board of Directors and the Executive Committee and, in the absence of the
Chairman of the Finance Committee, at the meetings of the Finance Committee. In
the absence or inability of the Chairman of the Board to so preside, the
President shall preside in his place.
<PAGE>
President
Section 2. The President, under the supervision and control of the
Chairman of the Board, shall have general charge and oversight of the business
and affairs of the Company. The President shall preside at the meetings of the
Stockholders. He shall be a member of and shall preside at all meetings of all
Committees not referred to in Section 1 of this ARTICLE except that he may
designate a Chairman for each such other Committee.
Section 3. In the absence or inability of the President to perform
his duties, the Chairman of the Board may designate a Vice President to exercise
the powers and perform the duties of the President during such absence or
inability.
Secretary
Section 4. The Secretary of the Corporation shall keep a record of
all the meetings of the Company, of the Board of Directors and of the Executive
Committee, and he shall discharge all other duties specifically required of the
Secretary by law. The other Secretaries and Assistant Secretaries shall perform
such duties as may be assigned to them by the Board of Directors or by their
senior officers and any Secretary or Assistant Secretary may affix the seal of
the Company and attest it and the signature of any officer to any and all
instruments.
Treasurer
Section 5. The Treasurer shall keep, or cause to be kept, full and
accurate accounts of the Company. He shall see that the funds of the Company
are disbursed as may be ordered by the Board of Directors or the Finance
Committee. He shall have charge of all moneys paid to the Company and on
deposit to the credit of the Company or in any other properly authorized name,
in such banks or depositories as may be designated in a manner provided by these
by-laws. He shall also discharge all other duties that may be required of him
by law.
Other Officers
Section 6. The other officers shall perform such duties as may be
assigned to them by the President or the Board of Directors.
<PAGE>
ARTICLE VI
Finance Committee
Section 1. If a Finance Committee is established it shall be the duty
of that committee to supervise the investment of the funds of the Company in
securities in which insurance companies are permitted by law to invest, and all
other matters connected with the management of investments. If no Finance
Committee is established this duty shall be performed by the Board of Directors.
Section 2. All loans or purchases for the investment and reinvestment
of the funds of the Company shall be submitted for approval to the Finance
Committee, if not specifically approved by the Board of Directors.
Section 3. Sale or transfer of any stocks or bonds shall be made upon
authorization of the Finance Committee unless specifically authorized by the
Board of Directors.
Section 4. Transfers of stock and registered bonds, deeds, leases,
releases, sales, mortgages chattel or real, assignments or partial releases of
mortgages chattel or real, and in general all instruments of defeasance of
property and all agreements or contracts affecting the same, except discharges
of mortgages and entries to foreclose the same as hereinafter provided, shall
be authorized by the Finance Committee or the Board of Directors, and be
executed jointly for the Company by two persons, to wit: The Chairman of the
Board, the President or a Vice President, and a Secretary, the Treasurer or an
Assistant Treasurer, but may be acknowledged and delivered by either one of
those executing the instrument; provided, however, that either a Secretary, the
Treasurer, or an Assistant Treasurer alone, when authorized as aforesaid, or any
person specially authorized by the Finance Committee as attorney for the
Company, may make entry to foreclose any mortgage, and a Secretary, the
Treasurer or an Assistant Treasurer alone is authorized, without the necessity
of further authority, to discharge by deed or otherwise any mortgage on payment
to the Company of the principal, interest and all charges due.
Section 5. The Finance Committee may fix times and places for regular
meetings. No notice of regular meetings shall be necessary. Reasonable notice
shall be given of special meetings but the action of a majority of the Finance
Committee at any meeting shall be valid notwithstanding any defect in the notice
of such meeting.
<PAGE>
Section 6. In the absence of specific authorization from the Board of
Directors or the Finance Committee, the Chairman of the Board, the President, a
Vice President or the Treasurer shall have the power to vote or execute proxies
for voting any shares held by the Company.
ARTICLE VII
Funds
Section 1. All monies belonging to the Company shall be deposited to
the credit of the Company, or in such other name as the Finance Committee,
the Chairman of the Finance Committee or such executive officers as are
designated by the Board of Directors shall direct, in such bank or banks as may
be designated from time to time by the Finance Committee, the Chairman of
the Finance Committee, or by such executive officers as are designated by the
Board of Directors. Such monies shall be drawn only on checks or drafts signed
by any two executive officers of the Company, provided that the Board of
Directors may authorize the withdrawal of such monies by check or draft signed
with the facsimile signature of any one or more executive officers, and
provided further, that the Finance Committee may authorize such alternative
methods of withdrawals as it deems proper.
The Board of Directors, the President, the Chairman of the Finance
Committee, a Vice President, or such executive officers as are designated by
the Board of Directors may authorize withdrawal of funds by checks or drafts
drawn at offices of the Company to be signed by Managers, General Agents or
employees of the Company, provided that all such checks or drafts shall be
signed by two such authorized persons, except checks or drafts used for the
payment of claims or losses which need be signed by only one such authorized
person, and provided further that the Board of Directors of the Company or
executive officers designated by the Board of Directors may impose such
limitations or restrictions upon the withdrawal of such funds as it deems
proper.
<PAGE>
ARTICLE VIII
Indemnity of Directors and Officers
Section 1. The Company shall indemnify and hold harmless each
Director and officer now or hereafter serving the Company, whether or not then
in office, from and against any and all claims and liabilities to which he may
be or become subject by reason of his being or having been a Director or officer
of the Company, or of any other company which he serves as a Director or officer
at the request of the Company, to the extent such is consistent with the
statutory provisions pertaining to indemnification, and shall provide such
further indemnification for legal and/or all other expenses reasonably incurred
in connection with defending against such claims and liabilities as is
consistent with statutory requirements.
ARTICLE IX
Amendment of ByLaws
Section 1. The Directors shall have power to adopt, amend and repeal
such bylaws as may be deemed necessary or appropriate for the management of the
property and affairs of the Company.
Section 2. The Stockholders at any annual or special meeting may
amend or repeal these bylaws or adopt new ones if the notice of such meeting
contains a statement of the proposed alteration, amendment, repeal or adoption,
or the substance thereof.
<PAGE>
2
ARTICLE I
Name - Home Office
Section 1. This corporation shall be named Hartford Life Insurance
Company.
Section 2. The principal place of business and Home Office shall be
in the City of Hartford, Connecticut.
ARTICLE II
Stockholders' Meetings - Notice - Quorum - Right to Vote
Section 1. All meetings of the Stockholders shall be held at the principal
business office of the Company unless the Directors shall otherwise provide
and direct.
Section 2. The annual meeting of the Stockholders shall be held on such day
and at such hour as the Board of Directors may decide. For cause the Board of
Directors may postpone or adjourn such annual meeting to any other time during
the year.
Section 3. Special meetings of the Stockholders may be called by the Board of
Directors, the Executive Committee, the Chairman of the Board, the President or
any Vice President.
Section 4. Notice of Stockholders' meetings shall be mailed to each
Stockholder, at his address as it appears on the records of the Company, at
least seven days prior to the meeting. The notice shall state the place, date
and time of the meeting and shall specify all matters proposed to be acted upon
at the meeting.
Section 5. At each annual meeting the Stockholders shall choose Directors as
hereinafter provided.
Section 6. Each Stockholder shall be entitled to one vote for each share of
stock held by him at all meetings of the Company. Proxies may be authorized by
written power of attorney.
Section 7. Holders of one-half of the whole amount of the stock issued and
outstanding shall constitute a quorum.
<PAGE>
3
Section 8. Each Stockholder shall be entitled to a certificate of stock which
shall be signed by the President or a Vice President, and either the Treasurer
or an Assistant Treasurer of the Company, and shall bear the seal of the
Company, but such signatures and seal may be facsimile if permitted by the laws
of the State of Connecticut.
ARTICLE III
Directors - Meetings - Quorum
Section 1. The property, business and affairs of the Company shall be
managed by a board of not less than three nor more than twenty Directors, who
shall be chosen by ballot at each annual meeting. Vacancies occurring between
annual meetings may be filled by the Board of Directors by election. Each
Director shall hold office until the next annual meeting of Stockholders and
until his successor is chosen and qualified.
Section 2. Meetings of the Board of Directors may be called by the direction
of the Chairman of the Board, the President, or any three Directors.
Section 3. Three days' notice of meetings of the Board of Directors shall be
given to each Director, either personally or by mail or telegraph, at his
residence or usual place of business, but notice may be waived, at any time,
in writing.
Section 4. One third of the number of existing directorships, but not less than
two Directors, shall constitute a quorum.
ARTICLE IV
Election of Officers - Duties of Board of
Directors and Executive Committee
Section 1. The Board of Directors shall annually elect a Chairman of the Board,
a President, a Secretary of the Corporation and a Treasurer. It may elect
such Vice Presidents, other Secretaries, Assistant Secretaries, Assistant
Treasurers and such other offficers as it may determine. All officers of the
Company shall hold office during the pleasure of the Board of Directors.
<PAGE>
4
Section 2. The Directors may fill any vacancy among the officers by election
for the unexpired term.
Section 3. The Board of Directors may appoint from its own number an
Executive Committee of not less than five Directors. The Executive Committee
may exercise all powers vested in and conferred upon the Board of Directors at
any time when the Board is not in session. A majority of the members of said
Committee shall constitute a quorum.
Section 4. Meetings of the Executive Committee shall be called whenever the
Chairman of the Board, the President or a majority of its members shall request.
Forty-eight hours' notice shall be given of meetings but notice may be waived,
at any time, in writing.
Section 5. The Board of Directors shall annually appoint from its own number a
Finance Committee of not less than three Directors, whose duties shall be as
hereinafter provided.
Section 6. The Board of Directors may, at any time, appoint such other
Committees, not necessarily from its own number, as it may deem necessary
for the proper conduct of the business of the Company, which Committees shall
have only such powers and duties as are specifically assigned to them by the
Board of Directors or the Executive Committee.
Section 7. The Board of Directors may make contributions, in such
amounts as it determines to be reasonable, for public welfare or for charitable,
scientific or educational purposes, subject to the limits and restrictions
imposed by law and to such rules and regulations consistent with law as it
makes.
ARTICLE V
Officers
Chairman of the Board
Section 1. The Chairman of the Board shall preside at the meetings of
the Board of Directors and the Executive Committee and, in the
<PAGE>
5
absence of the Chairman of the Finance Committee, at the meetings of the
Finance Committee. In the absence or inability of the Chairman of the Board
to so preside, the President shall preside in his place.
President
Section 2. The President, under the supervision and control of the Chairman of
the Board, shall have general charge and oversight of the business and affairs
of the Company. The President shall preside at the meetings of the
Stockholders. He shall be a member of and shall preside at all meetings of all
Committees not referred to in Section 2 of this ARTICLE except that he may
designate a Chairman for each such other Committee.
Section 3. In the absence or inability of the President to perform his duties,
the Chairman of the Board may designate a Vice President to exercise the powers
and perform the duties of the President during such absence or inability.
Secretary
Section 4. The Secretary of the Corporation shall keep a record of all the
meetings of the Company, of the Board of Directors and of the Executive
Committee, and he shall discharge all other duties specifically required of the
Secretary by law. The other Secretaries and Assistant Secretaries shall perform
such duties as may be assigned to them by the Board of Directors or by their
senior officers and any Secretary or Assistant Secretary may affix the seal of
the Company and attest it and the signature of any officer to any and all
instruments.
Treasurer
Section 5. The Treasurer shall keep, or cause to be kept, full and
accurate accounts of the Company. He shall see that the funds of the Company
are disbursed as may be ordered by the Board of Directors or the Finance
Committee. He shall have charge of all moneys paid to the Company and on
deposit to the credit of the Company or in any other properly authorized name,
in such banks or depositories as may be designated in a manner provided by these
bylaws. He shall also discharge all other duties that may be required of him
by law.
<PAGE>
6
Other Officers
Section 6. The other officers shall perform such duties as may be assigned
to them by the President or the Board of Directors.
ARTICLE VI
Finance Committee
Section 1. If a Finance Committee is established it shall be the duty of that
committee to supervise the investment of the funds of the Company in
securities in which insurance companies are permitted by law to invest, and all
other matters connected with the management of investments. If no Finance
Committee is established, this duty shall be performed by the Board of
Directors.
Section 2. All loans or purchases for the investment and reinvestment
of the funds of the Company shall be submitted for approval to the Finance
Committee, if not specifically approved by the Board of Directors.
Section 3. Sale or transfer of any stocks or bonds shall be made upon
authorization of the Finance Committee unless specifically authorized by the
Board of Directors.
Section 4. Transfers of stock and registered bonds, deeds, leases, releases,
sales, mortgages chattel or real, assignments or partial releases of
mortgages chattel or real, and in general all instruments of defeasance of
property and all agreements or contracts affecting the same, except discharges
of mortgages and entries to foreclose the same as hereinafter provided, shall
be authorized by the Finance Committee or the Board of Directors, and be
executed jointly for the Company by two persons, to wit: The Chairman of the
Board, the President or a Vice President, and a Secretary, the Treasurer or an
Assistant Treasurer, but may be acknowledged and delivered by either one of
those executing the instrument; provided, however, that either a Secretary, the
Treasurer, or an Assistant Treasurer alone, when authorized as aforesaid, or any
person specially authorized by the Finance Committee as attorney for the
Company, may make entry to foreclose any mortgage, and a Secretary, the
Treasurer or an Assistant Treasurer alone is authorized, without the necessity
of further authority, to discharge by deed or otherwise any mortgage on payment
to the Company of the principal, interest and all charges due.
<PAGE>
7
Section 5. The Finance Committee may fix times and places for regular
meetings. No notice of regular meetings shall be necessary. Reasonable notice
shall be given of special meetings but the action of a majority of the Finance
Committee at any meeting shall be valid notwithstanding any defect in the notice
of such meeting.
Section 6. In the absence of specific authorization from the Board of
Directors or the Finance Committee, the Chairman of the Board, the President, a
Vice President or the Treasurer shall have the power to vote or execute proxies
for voting any shares held by the Company.
ARTICLE VII
Funds
Section 1. All monies belonging to the Company shall be deposited to the
credit of the Company, or in such other name as the Finance Committee,
the Chairman of the Finance Committee or such executive officers as are
designated by the Board of Directors shall direct, in such bank or banks as may
be designated from time to time by the Finance Committee, the Chairman of
the Finance Committee or by such executive officers as are designated by the
Board of Directors. Such monies shall be drawn only on checks or drafts signed
by any two executive officers of the Company, provided that the Board of
Directors may authorize the withdrawal of such monies by check or draft signed
with the facsimile signature of any one or more executive officers, and
provided further, that the Finance Committee may authorize such alternative
methods of withdrawal as it deems proper.
The Board of Directors, the President, the Chairman of the Finance Committee,
a Vice President, or such executive officers as are designated by the Board of
Directors may authorize withdrawal of funds by checks or drafts drawn at
offices of the Company to be signed by Managers, General Agents or
employees of the Company, provided that all such checks or drafts shall be
signed by two such authorized persons, except checks or drafts used for the
payment of claims or losses which need be signed by only one such authorized
person, and provided further that the Board of Directors of the Company or
executive officers designated by the Board of Directors may impose such
limitations or restrictions upon the withdrawal of such funds as it deems
proper.
<PAGE>
8
ARTICLE VIII
Indemnity of Directors and Officers
Section 1. The Company shall indemnify and hold harmless each Director and
officer now or hereafter serving the Company, whether or not then in office,
from and against any and all claims and liabilities to which he may be or become
subject by reason of his being or having been a director or officer of the
Company, or of any other company which he serves as a director or officer
at the request of the Company, to the extent such is consistent with
statutory provisions pertaining to indemnification, and shall provide such
further indemnification for legal and/or all other expenses reasonably incurred
in connection with defending against such claims and liabilities as is
consistent with statutory requirements.
ARTICLE IX
Amendment of Bylaws
Section 1. The Directors shall have power to adopt, amend and repeal such
bylaws as may be deemed necessary or appropriate for the management of the
property and affairs of the Company.
Section 2. The Stockholders at any annual or special meeting may amend or
repeal these bylaws or adopt new ones if the notice of such meeting contains a
statement of the proposed alteration, amendment, repeal or adoption, or the
substance thereof.
<PAGE>
Exhibit 1.A(10)
LIFE INSURANCE
HARTFORD LIFE INSURANCE COMPANY
HARTFORD, CONNECTICUT 06115 [LOGO]
<TABLE>
<S> <C>
1A. PROPOSED INSURED (PRINT FULL NAME) B. SEX C. BIRTH DATE D. AGE NEAREST E. PLACE
/ / M MO DAY YR BIRTHDAY OF BIRTH
First Name Middle Initial Last Name / / F
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F. MARITAL STATUS / / Single / / Married / / Widowed / / Separated / / Divorced
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G. NAME ALL PRESENT OCCUPATIONS & DESCRIBE DUTIES:
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MAIL TO:
H. RESIDENCE ADDRESS:
No. Street City State Zip / /
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I. BUSINESS ADDRESS: Name
No. Street City State Zip / /
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2A. BENEFICIARY (Print full name and relationship to Proposed Insured.)
Primary Secondary
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B. OWNER NAME:
Address: No. Street City State Zip
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C. SOCIAL SECURITY OR TAX I.D. NUMBER: Insured Owner
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3A. INITIAL PREMIUM $ D. SELECT ONE OR MORE FUNDS AND INDICATE ALLOCATION
-----------------------------
(Is premium submitted with application?) / / GNMA Fund %
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YES NO / / Money Market Fund %
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/ / / / / / Fixed Income Fund %
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B. INITIAL DEATH BENEFIT $ / / Government Securities Fund %
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C. PLAN / / Stock Fund %
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/ / Advisers Fund %
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/ / Aggressive Growth Fund %
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/ / Other: %
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(20% Minimum Per Fund) Total 100 %
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4. SUITABILITY YES NO
A. Do you understand that the death benefit and cash value may increase or decrease depending on the / / / /
investment return of the contract?
B. Do you believe that this contract will meet your insurance needs and financial objectives? / / / /
C. Did you receive the appropriate Fund Prospectus? / / / /
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5. SPECIAL REQUESTS
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6. CORRECTIONS AND AMENDMENTS (H.O. USE ONLY)
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<PAGE>
<CAPTION>
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ANSWER THE FOLLOWING QUESTIONS AND GIVE DETAILS OF YES ANSWERS IN NO. 11.
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7. HAVE YOU EVER HAD OR BEEN TREATED FOR: YES NO
A. Diabetes, heart attack, heart murmur, angina, chest pain, palpitations, stroke, high blood / / / /
pressure, or other heart, blood or circulatory disorder?
B. Emotional or nervous disorder, dizziness, epilepsy, convulsions, frequent or severe headaches, / / / /
brain or spinal cord disorder, cancer or tumor?
C. Kidney disease, kidney failure, sugar or albumin in the urine, disease of the bladder or / / / /
prostate, lung disorder, asthma, emphysema, ulcers, or disorder of the liver, urinary or digestive
system?
8. A. HAVE YOU EVER BEEN arrested for drug possession, driving under the influence of alcohol or drugs, or / / / /
regularly taken drugs not prescribed by a physician, or been advised to have treatment for alcohol
or drug abuse?
B. DURING THE PAST 5 YEARS have you been confined in a hospital, advised to have surgery or special / / / /
studies or consulted your family doctor, any physician, other practitioner or psychiatrist for a
general examination or for any reason not previously noted on this application?
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9. IN THE PAST 2 YEARS DID YOU OR DO YOU INTEND IN THE FUTURE TO:
(IF YES, COMPLETE APPROPRIATE QUESTIONNAIRE)
A. Fly as a student pilot, pilot, or crew member on other than a scheduled commercial airliner or pilot / / / /
an ultralight aircraft?
B. Participate in any type of motor vehicle racing, mountain climbing, hang-gliding, skin, scuba or / / / /
sky diving?
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10. A. Do you have any life insurance in-force? (If yes, indicate company, amount with riders, plan, year / / / /
of issue and whether personal or business insurance.)
B. Are you applying or have you applied in the past 3 months for life insurance? (If yes, state: / / / /
when, company, amount and if you plan to take other coverages as well as this one?)
C. DURING THE PAST 5 YEARS have you ever had your application for life or health insurance declined, / / / /
rated, restricted, postponed, or withdrawn? (If yes, indicate date, company, action taken and
reason.)
D. Are you purchasing this insurance to replace or change any life insurance or annuities in-force? / / / /
(If yes, indicate company, policy number, plan and amount.)
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11. GIVE COMPLETE DETAILS INCLUDING NAMES AND ADDRESSES OF PHYSICIANS AND HOSPITALS, NATURE OF ILLNESS,
DURATION, TREATMENT AND DATE OF COMPLETE RECOVERY.
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</TABLE>
<PAGE>
CONDITIONAL RECEIPT
THIS RECEIPT CONTAINS LIMITATIONS -- PLEASE READ IT CAREFULLY.
THIS CONDITIONAL RECEIPT PROVIDES COVERAGE, SUBJECT TO THE LIMITATIONS AND
CONDITIONS STATED BELOW, EQUAL TO THE LESSER OF THE INITIAL DEATH BENEFIT UNDER
THE CONTRACT APPLIED FOR OR THE ADVANCE PAYMENT PLUS $100,000.
Received the sum of $__________paid with the application on the life of________
____________________dated___________________to Hartford Life Insurance Company
for a Flexible Premium Variable Life Insurance Contract, subject to the
following limitations and conditions:
LIMITATIONS
THIS RECEIPT IS ONLY VALID:
(1) IF THE PROPOSED INSURED IS AGE 65 OR LESS; AND
(2) IF THE TOTAL ADVANCE PAYMENT DOES NOT EXCEED $100,000; AND,
(3) IF IT IS GIVEN ON THE SAME DATE AND AT THE SAME TIME AS THE
APPLICATION TO WHICH IT APPLIES; AND,
(4) IF THE FULL INITIAL PREMIUM IS PAID WITH THE APPLICATION; AND,
(5) FOR A PERIOD OF NOT MORE THAN 60 DAYS FROM THE DATE OF THE
APPLICATION.
CONDITIONS
Insurance under the terms of the contract applied for, subject to the
limitations above, shall take effect retroactively to the date of this receipt,
provided that the Company at its Home Office in Hartford, Connecticut, shall
become satisfied that on that date each Proposed Insured was insurable as a
standard risk in accordance with the rules and practices of the Company for the
amount and plan applied for without modification. Otherwise, there shall be no
liability on the part of the Company except to return this payment.
If more than one conditional receipt of the Company is effective for the
Proposed Insured, the maximum liability of the Company will be determined by the
conditional receipt which provides the largest death benefit and all other
conditional receipts will be disregarded.
Delivered to Applicant on
------------------------.
Date
-------------------------
Signature of Producer
NO AGENT OF THE COMPANY IS AUTHORIZED TO ALTER OR WAIVE
ANY OF THE LIMITATIONS OR CONDITIONS CONTAINED IN THIS RECEIPT
<PAGE>
Exhibit A.(10)
SUPPLEMENT TO APPLICATION HARTFORD LIFE INSURANCE COMPANY
JUVENILES AGE 0 -- 14 years 6 months [LOGO] HARTFORD, CONNECTICUT
<TABLE>
<S> <C>
1. Name of Child Proposed for Coverage (Print Full Name)
First Name Middle Initial Last Name
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2. A. NAME OF APPLICANT (PRINT FULL NAME):
First Name Middle Initial Last Name
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
B. RELATIONSHIP TO PROPOSED INSURED:
-------------------------------------------------------------------------------
3. Indicate Details of Life Insurance In-force and Applied For:
RELATIONSHIP EXISTING CURRENT CURRENT
TO INSURANCE SINGLE PREMIUM FACE AMOUNT
PROPOSED INSURED IN-FORCE APPLIED FOR APPLIED FOR
FATHER
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MOTHER
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BROTHER(S)
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SISTER(S)
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APPLICANT (If other
than parent)
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4. Indicate Income and Net Worth Information:
RELATIONSHIP TO EARNED UNEARNED NET
PROPOSED INSURED INCOME INCOME WORTH
PARENT (or legal
guardian)
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APPLICANT (If other than
parent or legal guardian)
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5. Does the parent or legal guardian have at least two times the face amount of insurance in-force and applied for
as is currently in-force and applied for on the life of the child? / / Yes / / No
6. Have applications been submitted in the past or currently to provide all siblings with the same amount of life
insurance or has the same single premium been submitted on each? / / Yes / / No
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IF THE ANSWER TO EITHER QUESTION 5 OR 6 ABOVE IS NO, THE APPLICATION DOES NOT QUALIFY FOR MODIFIED GUARANTEED ISSUE.
SUBMIT THE SIMPLIFIED APPLICATION ALONG WITH THIS COMPLETED FORM.
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7. GIVE DETAILS OF "NO" ANSWERS BELOW:
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I hereby declare to the best of my knowledge and belief that the foregoing answers are complete and true. I agree
that the information given herein shall supplement and shall become a part of the application for insurance. I consent to the
issuance of life insurance on the above named child,
DATED AT this day of 19
------------------------------------------- ---------------------- --------------------------- ------
SIGNATURE OF PARENT OR LEGAL GUARDIAN
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SIGNATURE OF APPLICANT
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</TABLE>
